SCHEDULE 5 Enterprise Investment Scheme
Finance (No 2) Act 2015 (2015 c 33) | Legislation

SCHEDULE 5 Enterprise Investment Scheme

Section 25

Introductory

1

Part 5 of ITA 2007 (enterprise investment scheme) is amended as follows.

Limiting eligibility for relief to investments made before 2025

2

(1)     Section 157 (eligibility for EIS relief) is amended as follows.

(2)     In subsection (1), after paragraph (a) insert—

“(aa)     the shares are issued before 6 April 2025,â€.

(3)     After that subsection insert—

“(1A)     The Treasury may, by regulations, amend subsection (1)(aa) to substitute a different date for the date for the time being specified there.â€

The investor

3

In section 162 (overview of Chapter 2: the investor), omit the “and†at the end of paragraph (b) and after that paragraph insert—

“(ba)     existing shareholdings (see section 164A), andâ€.

4

After section 164 insert—

“164A The existing shareholdings requirement

(1)     If, at the time the relevant shares are issued, the investor holds any other shares in a company within subsection (2) (“Câ€), those other shares must be—

(a)     a risk finance investment, or

(b)     subscriber shares which—

(i)     were issued to, and have since they were issued been continuously held by, the investor, or

(ii)     were acquired

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