SCHEDULES

SCHEDULE 2Transitionals and savings

Part 8Venture capital trusts

The proportion of eligible shares requirement

70

1

If at any time the requirement of section 289—

a

would be met in relation to a relevant holding and a company if none of the old investments were held by the investing company at that time, but

b

would not otherwise be met,

that section applies in relation to that holding as if the old investments were not held by the investing company at that time.

2

In sub-paragraph (1) “old investments” means shares in or securities of the relevant company acquired F1before 6 April 2018 by means of the investment of—

a

money raised by the issue before 2 July 1997 of shares in or securities of the investing company, or

b

money derived from the investment by that company of any such money.