Textual Amendments
F1Sch. 5B inserted (with effect in accordance with Sch. 13 para. 4(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 4(3)
Textual Amendments
F2Sch. 5B paras. 10-15 and cross-headings inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 35
15(1)Where at any time in the relevant period an investment-linked loan is made by any person to an individual who subscribes for eligible shares (“the shares") in a company, the shares shall be treated for the purposes of this Schedule—U.K.
(a)if the loan is made on or before the date of the issue of the shares, as never having been eligible shares; and
(b)if the loan is made after that date, as ceasing to be eligible shares on the date when the loan is made.
(2)A loan made by any person to an individual is an investment-linked loan for the purposes of this paragraph if the loan is one which would not have been made, or would not have been made on the same terms, if the individual had not subscribed for the shares or had not been proposing to do so.
(3)References in this paragraph to the making by any person of a loan to an individual include references—
(a)to the giving by that person of any credit to that individual; and
(b)to the assignment or assignation to that person of any debt due from that individual.
(4)In this paragraph any reference to an individual includes a reference to an associate of his.]]