[294A The permitted company age requirement]
Income Tax Act 2007 (2007 c 3) | Legislation

[294A  The permitted company age requirement]

[(1)     The requirement of this section is that, if the relevant holding is issued after the initial investing period, condition A, B or C must be met.

(2)     “The initial investing period” means—

(a)     where the relevant company is a knowledge-intensive company at the investment date, the period of 10 years [beginning with—

(i)     the relevant first commercial sale, or

(ii)     if the relevant company so elects, the date by reference to which that company is treated as reaching an annual turnover of £200,000 (see section 331B),] and

(b)     in any other case, the period of 7 years beginning with that sale.

(3)     Condition A is that—

(a)     a relevant investment was made in the relevant company before the end of the initial investing period, and

(b)     some or all of the money raised by that investment was employed for the purposes of the relevant qualifying activity (or a part of it).

(4)     Condition B is that—

(a)     the total amount of relevant investments made in the relevant company in a period of 30 consecutive days which includes the investment date is at least 50% of the average turnover amount, and

(b)

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