[SCHEDULE 7AD Gains of Insurance Company from Venture Capital Investment Partnership]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[SCHEDULE 7AD Gains of Insurance Company from Venture Capital Investment Partnership]

[Introduction

1

This Schedule applies where [the assets held by an insurance company (“the companyâ€) for the purposes of its long-term business] include assets held by the company as a limited partner in a venture capital investment partnership (“the partnershipâ€).

Meaning of “venture capital investment partnershipâ€

2

(1)     A “venture capital investment partnership†means a partnership in relation to which the following conditions are met.

(2)     The first condition is that the sole or main purpose of the partnership is to invest in unquoted shares or securities.

This condition shall not be regarded as met unless it appears from—

(a)     the agreement constituting the partnership, or

(b)     any prospectus issued to prospective partners,

that that is the sole or main purpose of the partnership.

(3)     The second condition is that the partnership does not carry on a trade.

(4)     The third condition is that not less than 90% of the book value of the partnership's investments is attributable to investments that are either—

(a)     shares or securities that were unquoted at the time of their acquisition by the partnership, or

(b)     shares

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