3(1)In paragraph 22(1) and (2) of Schedule 15 to FA 2000 (corporate venturing scheme: limits on value of gross assets of share-issuing company or its group)—
(a)in paragraph (a) (value must not exceed £15 million immediately before issue of relevant shares), for “£15 million” substitute “£7 million”, and
(b)in paragraph (b) (value must not exceed £16 million immediately after issue of relevant shares), for “£16 million” substitute “£8 million”.
(2)Sub-paragraph (1) has effect in relation to shares issued on or after 6th April 2006, subject to sub-paragraph (3).
(3)Sub-paragraph (1) does not have effect in relation to shares issued on or after 6th April 2006 to a person who subscribed for them before 22nd March 2006.