- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/1993)
- Gwreiddiol (Fel y'i Deddfwyd)
No versions valid at: 01/04/1993
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Income and Corporation Taxes Act 1988, Paragraph 2 is up to date with all changes known to be in force on or before 17 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Yn ddilys o 01/05/1995
2(1)An individual shall not be entitled to relief under this Part of this Schedule in respect of any shares if—
(a)there is a loan made by any person, at any time in the relevant period, to that individual or any associate of his; and
(b)the loan is one which would not have been made, or would not have been made on the same terms, if that individual had not subscribed for those shares or had not been proposing to do so.
(2)References in this paragraph to the making by any person of a loan to any individual or an associate of his include references—
(a)to the giving by that person of any credit to that individual or any associate of his; and
(b)to the assignment or assignation to that person of any debt due from that individual or any associate of his.
(3)In this paragraph—
“associate” has the meaning given in subsections (3) and (4) of section 417, except that in those subsections (as applied for the purposes of this paragraph) “relative” shall not include a brother or sister; and
“the relevant period”, in relation to relief under this Part of this Schedule in respect of any shares in a company which is a venture capital trust, means the period beginning with the incorporation of the company (or, if the company was incorporated more than two years before the date on which the shares were issued, beginning two years before that date) and ending five years after the issue of the shares.
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