Textual Amendments
F1Pt. 7 Ch. 3 heading substituted (with effect in accordance with s. 137(2) of the amending Act) by Finance Act 1994 (c. 9), s. 137(1), Sch. 15 para. 2
Modifications etc. (not altering text)
C1Pt. 7 Ch. 3 applied (with effect in accordance with Sch. 13 para. 4(4) of the 1995 amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5B para. 6(4) (as inserted by Finance Act 1995 (c. 4), Sch. 13 para. 4(3))
(1)[F3An individual is not eligible for relief in respect of any shares in a company 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 section 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;
and the references in section 307(6)(ca) to the making of a loan shall be construed accordingly.
[F4(3)Section 312(1A)(a) applies to determine the relevant period for the purposes of this section.]]
Textual Amendments
F2S. 299A inserted (27.7.1993 with application in relation to any case in which the claim for relief is made on or after 16.3.1993) by 1993 c. 34, s. 111(1)(4)
F3Words in s. 299A(1) substituted (with effect as mentioned in s. 137(1)(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 15 para. 13(a)
F4S. 299A(3) Inserted (with effect as mentioned in s. 137(1)(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 15 para. 13(b)