SCHEDULES

F1SCHEDULE 5B Enterprise investment scheme: re-investment

F2 Trustees: anti-avoidance

18

(1)

Paragraphs 13 and 15 above shall have effect in relation to the subscription for shares by the trustees of a settlement as if references to the individual subscribing for the shares were references to—

(a)

those trustees;

(b)

any individual or charity by virtue of whose interest, at a relevant time, paragraph 17 above applies to the settled property; or

(c)

any associate of such an individual, or any person connected with such a charity.

(2)

The relevant times for the purposes of sub-paragraph (1)(b) above are the time when the shares are issued and—

(a)

in a case where paragraph 13 above applies, the time when the value is received;

(b)

in a case where paragraph 15 above applies, the time when the loan is made.