[F1257HJMinor definitionsU.K.
(1)In this Part—
“arrangements” includes any scheme, agreement, understanding, transaction or series of transactions (whether or not legally enforceable);
“associate” has the same meaning as in Part 5 (see section 253);
“bonus shares” means shares which are issued otherwise than for payment (whether in cash or otherwise);
“director” is read in accordance with section 452 of CTA 2010;
“EIS relief” means relief under Part 5;
“group” means a parent company and its qualifying subsidiaries;
“group company”, in relation to a group, means the parent company or any of its qualifying subsidiaries;
“ordinary shares” means shares forming part of a company's ordinary share capital;
“parent company” means a company that has one or more qualifying subsidiaries, and “single company” means a company that does not;
“permanent establishment” has the same meaning as in Part 5 (see section 191A);
“qualifying subsidiary” has the same meaning as in Part 5 (see section 191);
“qualifying 90% subsidiary” has the same meaning as in Part 5 (see section 190);
“research and development” has the meaning given by section 1006.
(2)Section 252 (meaning of a company being “in administration” or “in receivership”) applies for the purposes of this Part.
(3)Section 995 (control) does not apply for the purposes of the following provisions—
(a)section 257DG(1)(a),
(b)section 257FP,
(c)section 257FQ,
(d)section 257GH(4);
and in those provisions “control” is to be read in accordance with sections 450 and 451 of CTA 2010.
(4)In this Part—
(a)references in any provision to the reduction of any SEIS relief attributable to any shares include a reference—
(i)to the reduction of the relief to nil, and
(ii)if no relief has yet been obtained, to the reduction of the amount which apart from that provision would be the SEIS relief, and
(b)references to the withdrawal of SEIS relief in respect of any shares are—
(i)to the withdrawal of the SEIS relief attributable to those shares, or
(ii)if no relief has yet been obtained, to ceasing to be eligible for SEIS relief in respect of those shares.
(5)For the purposes of this Part shares in a company are not treated as being of the same class unless they would be so treated if dealt in on a recognised stock exchange.
(6)For the purposes of this Part the market value at any time of any asset is the price which it might reasonably be expected to fetch on a sale at that time in the open market free from any interest or right which exists by way of security in or over it.
(7)In this Part—
(a)references to SEIS relief obtained by an individual in respect of any shares include a reference to SEIS relief obtained by the individual in respect of those shares at any time after the individual has disposed of them, and
(b)references to the withdrawal or reduction of SEIS relief obtained by an individual in respect of any shares include a reference to the withdrawal or reduction of SEIS relief obtained by the individual in respect of those shares at any time.
(8)In the case of requirements that cannot be met until a future date, references in this Part to requirements being met for the time being are to nothing having occurred to prevent their being met.]
Textual Amendments
F1Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1