Income Tax Act 2007 (c. 3)

Part 6 U.K. Venture capital trusts

Chapter 4 U.K. Qualifying holdings

The requirements U.K.

[F1 286B The financial health requirement U.K.

(1) The requirement of this section is that the relevant company is not, at the time of the issue of the relevant holding, in difficulty.

(2) The relevant company is “in difficulty” if it is reasonable to assume that it would be regarded as a firm in difficulty for the purposes of the Community Guidelines on State Aid for Rescuing and Restructuring Firms in Difficulty (2004/C 244/02).]

Textual Amendments

F1 Ss. 286A, 286B inserted (6.4.2011) (with effect in accordance with Sch. 2 paras. 7(3), 8 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 2 para. 2(8); S.I. 2011/662, art. 2