SCHEDULES

SCHEDULE 2Transitionals and savings

Part 8Venture capital trusts

The use of the money raised requirement

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For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings, section 293 applies in relation to shares or securities issued before 17 March 2004 with the following modifications—

a

in subsection (2), the substitution for “has been or is intended to be employed” of “is money which the qualifying company has employed or intends to employ”, and

b

in subsection (5)(b), the substitution for “a qualifying company” of “the qualifying company”.