Point in time view as at 17/07/2013.
Finance Act 2009, Paragraph 7 is up to date with all changes known to be in force on or before 08 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
7(1)Section 175 of that Act (use of money raised requirement) is amended as follows.U.K.
(2)For subsection (1) substitute—
“(1)The requirement of this section is that all of the money raised by the issue of the relevant shares (other than any of them which are bonus shares) is, no later than the time mentioned in subsection (3), employed wholly for the purpose of the qualifying business activity for which it was raised.”
(3)In subsection (2), for “requirements in subsection (1)(a) and (b) do” substitute “ requirement in subsection (1) does ”.
(4)In subsection (3)—
(a)for “subsection (1)(a)” substitute “ subsection (1) ”, and
(b)for “12 months” (in both places) substitute “ two years ”.
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