Part 2 Enterprise Investment Scheme: Chargeable Gains
Finance Act 2012 (2012 c 14) | Legislation

Part 2 Enterprise Investment Scheme: Chargeable Gains

Introduction

26

TCGA 1992 is amended as follows.

Disposal of shares to which EIS relief is attributable

27

In section 150A (disposal of shares to which EIS relief is attributable)—

(a)     in subsection (3), in paragraph (b) for “basic rate†substitute “EIS original rateâ€, and

(b)     after that subsection insert—

“(3A)     In subsection (3) “EIS original rate†has the meaning given by section 256A of ITA 2007, except that where the year mentioned in subsection (3)(b) is the tax year 2007-08 or an earlier year, it means 20%.â€

28

Accordingly, in Schedule 1 to FA 2008, paragraph 48 is repealed.

Maximum annual investment

29

In paragraph 1 of Schedule 5B to the TCGA 1992 (EIS re-investment relief: application of Schedule), in sub-paragraph (2)(da), for “£2 million†substitute “£5 millionâ€.

No disqualifying arrangements

30

After paragraph 11 insert—

“Disqualifying arrangements
11A

(1)     Where an individual subscribes for eligible shares (“the sharesâ€) in a company (“the companyâ€), the shares are to be treated as not being eligible shares for the purposes of this Schedule if the shares are issued, nor any money raised by the

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