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Finance Act 2007
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Finance Act 2007, Paragraph 6 is up to date with all changes known to be in force on or before 09 November 2024. 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.
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- s. 993 modified by 2016 c. 24 s. 118(2)
- Sch. 24 para. 12(5)(za) inserted by 2015 c. 11 Sch. 20 para. 6(a)
- Sch. 24 para. 21A(A1) inserted by 2015 c. 11 Sch. 20 para. 7(2)
- Sch. 24 para. 4A(A1)(1) substituted for Sch. 24 para. 4A(1) by 2015 c. 11 Sch. 20 para. 3(2)
6(1)Chapter 4 of Part 6 of ITA 2007 (qualifying holdings) is amended as follows.U.K.
(2)In section 286(3) (introduction) after paragraph (e) insert—
“(ea)the maximum amount raised annually through risk capital schemes (see section 292A),”.
(3)After section 292 insert—
“292AThe maximum amount raised annually through risk capital schemes requirement
(1)The total amount of relevant investments made in the relevant company in the year ending with the date the relevant holding is issued must not exceed £2 million.
(2)In subsection (1), the reference to relevant investments made in the relevant company includes relevant investments made in any company that is, or has at any time in the year mentioned there been, a subsidiary of the relevant company (whether or not it was such a subsidiary when the investment was made).
(3)A “relevant investment” is made in a company if—
(a)an investment (of any kind) in the company is made by a VCT, or
(b)the company issues shares (money having been subscribed for them), and (at any time) the company provides—
(i)a compliance statement under section 205 (enterprise investment scheme), or
(ii)a compliance statement under paragraph 42 of Schedule 15 to FA 2000 (corporate venturing scheme),
in respect of the shares.
(4)For the purposes of subsections (1) and (2), an investment within subsection (3)(b) is regarded as made when the shares are issued.
(5)Subsection (6) applies if, by virtue of the provision of a compliance statement under section 205 above or paragraph 42 of Schedule 15 to FA 2000, the requirement of this section is not met.
(6)The requirement is to be treated as having been met throughout the period—
(a)beginning with the time the relevant holding was issued, and
(b)ending with the time the compliance statement was provided.”
(4)This paragraph is deemed to have come into force on 6th April 2007.
(5)The amendments made by this paragraph do not have effect in relation to an investment made by a VCT of protected money.
(6)“Protected money” means—
(a)money raised by the issue on or before 5th April 2007 of shares in or securities of the VCT, and
(b)money derived from the investment of such money.
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