SCHEDULE 8 Venture Capital Schemes
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 8 Venture Capital Schemes

Section 40

Introduction

1

Part 6 of ITA 2007 (venture capital trusts) is amended in accordance with paragraphs 2 to 13.

VCT approvals

2

(1)     Section 274 (requirements for the giving of approval) is amended as follows.

(2)     In subsection (2), in the list of conditions, at the end insert—

“The investment limits conditionThe company has not made and will not make an investment, in the relevant period, in a company which breaches the permitted investment limitsâ€

(3)     In subsection (3), omit the “and†at the end of paragraph (d), and after paragraph (e) insert

“, and

(f)     the investment limits condition by section 280B.â€

3

After section 280A insert—

“280B The investment limits condition

(1)     This section applies for the purposes of the investment limits condition.

(2)     Where a company (“the investorâ€) makes an investment (“the current investmentâ€) in another company (“the relevant companyâ€), that investment breaches the permitted investment limits if the total annual investment in the relevant company exceeds the amount for the time being specified in section 292A(1).

(3)     The total annual investment in the relevant company is the sum of—

(a)

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