Income and Corporation Taxes Act 1988 (c. 1)

SCHEDULES

[F1 SCHEDULE 15B U.K. Venture Capital Trusts: Relief from Income Tax]

Textual Amendments

F1 Sch. 15B inserted (with effect in accordance with s. 71(4) of the amending Act) by Finance Act 1995 (c. 4), s. 71(2), Sch. 15

Part I U.K. Relief on investment

Interpretation of Part I U.K.

6 (1) In this Part of this Schedule “eligible shares”, in relation to a company which is a venture capital trust, means new ordinary shares in that trust which, throughout the period of [F2 three] years beginning with the date on which they are issued, carry no present or future preferential right to dividends or to a company’s assets on its winding up and no present or future F3 . . . right to be redeemed.

(2) In this Part of this Schedule “ordinary shares”, in relation to a company, means shares forming part of a company’s ordinary share capital.

(3) In this Part of this Schedule references to a disposal of shares shall include references to a disposal of an interest or right in or over the shares.

Textual Amendments

F2 Word in Sch. 15B para. 6(1) substituted (with effect in accordance with Sch. 18 para. 3 of the amending Act) by Finance Act 2000 (c. 17), Sch. 18 para. 1(4)

F3 Word in Sch. 15B para. 6(1) repealed (with effect in accordance with s. 73(6) of the repealing Act) by Finance Act 1998 (c. 36), s. 73(1)(b), Sch. 27 Pt. 3(13), Note 1