SCHEDULE 8 Venture Capital Schemes
Finance Act 2009 (2009 c 10) | Legislation

SCHEDULE 8 Venture Capital Schemes

Section 27

Enterprise investment scheme

1

Schedule 5B to TCGA 1992 (enterprise investment scheme: re-investment) is amended as follows.

2

(1)     Paragraph 1(2) (application of Schedule) is amended as follows.

(2)     For paragraphs (g) and (h) substitute

“a²Ô»å

(g)     all of the money raised by the issue of the shares (other than any of them which are bonus shares) is, no later than the time mentioned in section 175(3) of ITA 2007, employed wholly for the purpose of that activity,â€.

(3)     In the words following the paragraphs, for “conditions in paragraphs (g) and (h) above do†substitute “condition in paragraph (g) above doesâ€.

3

(1)     Paragraph 1A (failure of conditions of application) is amended as follows.

(2)     In sub-paragraph (4)—

(a)     omit “or (h)â€, and

(b)     for “sub-paragraph (4A) below†substitute “section 175(3) of ITA 2007â€.

(3)     Omit sub-paragraph (4A).

4

(1)     Paragraph 9 (other reconstructions and amalgamations) is amended as follows.

(2)     For sub-paragraph (1) substitute—

“(1)     This paragraph applies if section 135 or 136 (company reconstructions)

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