66 Enterprise investment scheme: ICTA amendments.U.K.
(1)Chapter III of Part VII of the Taxes Act 1988 as it has effect in relation to shares issued on or after 1st January 1994 (the enterprise investment scheme) shall be amended as follows.
(2)In section 292 (which denies relief where parallel trades are involved) the following subsection shall be inserted after subsection (4)—
“(5)This section shall not apply where the shares mentioned in subsection (1) above are issued on or after 29th November 1994.”
(3)In section 293 (qualifying companies) the following subsection shall be inserted after subsection (8A) (which defines “the relevant period” for certain purposes)—
“(8B)In arriving at the relevant period for the purposes of sections 294 to 296 any time falling on or after 29th November 1994 shall be ignored; and subsection (8A) above shall have effect subject to the preceding provisions of this subsection.”
(4)In section 305 (reorganisation of share capital) the following subsections shall be inserted after subsection (4)—
“(5)Subsection (2) above shall not apply where the reorganisation occurs on or after 29th November 1994.
(6)Subsection (2) above shall not apply by virtue of subsection (3) above where the rights are disposed of on or after 29th November 1994.”