Part IReduction of applicable periods
Relief from income tax
1(1)Schedule 15B to the Taxes Act 1988 (venture capital trusts: relief from income tax) is amended as follows.
(2)In paragraph 2(3) (loan-linked investments), in the definition of “the relevant period” for “ending five years after the issue of the shares” substitute “ending immediately before the third anniversary of the date on which the shares were issued”.
(3)In paragraph 3(1)(b) (loss of investment relief on disposal within five years), for “five years beginning with the issue of those shares to that individual” substitute “three years beginning with the date on which those shares were issued to that individual”.
(4)In paragraph 6(1) (definition of “eligible shares”) for “five” substitute “three”.
Deferred CGT charge on reinvestment
2In Schedule 5C to the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (venture capital trusts: deferred charge on re-investment), in paragraph 3(2), in the definition of “the relevant period” for “five” substitute “three”.
Commencement
3The amendments made by this Part of this Schedule have effect in relation to shares issued on or after 6th April 2000.