Finance Act 2004

13 (1) In paragraph 1(2) (definition of qualifying investment)— U.K.

(a) in paragraph (a), omit “wholly in cash”,

(b) after that paragraph insert—

“(aza) he subscribed for the shares (other than any of them which are bonus shares) wholly in cash,”,

(c) in paragraph (c), for the words from “are fully” to “future date)” substitute “ (other than any of them which are bonus shares) are fully paid up ”,

(d) in paragraph (e), after “Act” insert “ (read with section 289(1B) to (1E) of that Act) ”,

(e) in paragraph (f), for “all the shares comprised in the issue” substitute “ the shares (other than any of them which are bonus shares) ”,

F1 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) After paragraph 1(4) of that paragraph insert—

“(5) Shares are not fully paid up for the purposes of sub-paragraph (2)(c) above if there is any undertaking to pay cash to any person at a future date in respect of the acquisition of the shares.”.

Textual Amendments

F1 Sch. 18 para. 13(1)(f) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 10(b)