F1SCHEDULE 5B Enterprise investment scheme: re-investment
Chargeable events
3
(1)
Subject to the following provisions of this paragraph, there is for the purposes of this Schedule a chargeable event in relation to any relevant shares if, after the making of the qualifying investment—
(a)
the investor disposes of those shares otherwise than by way of a disposal within marriage;
(b)
those shares are disposed of, otherwise than by way of a disposal to the investor, by a person who acquired them on a disposal made by the investor within marriage;
(c)
the investor becomes a non-resident while holding those shares and within F2the five year period;
(d)
(e)
those shares cease (or are treated for the purposes of this Schedule as ceasing) to be eligible shares.
F4(2)
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(3)
For the purposes of this Schedule there shall not be a chargeable event by virtue of sub-paragraph (1)(c) or (d) above in relation to any shares if—
(a)
the reason why the person in question becomes a non-resident is that he works in an employment or office all the duties of which are performed outside the United Kingdom, and
(b)
he again becomes resident or ordinarily resident in the United Kingdom within the period of three years from the time when he became a non-resident, without having meanwhile disposed of any of those shares;
and accordingly no assessment shall be made by virtue of sub-paragraph (1)(c) or (d) above before the end of that period in a case where the condition in paragraph (a) above is satisfied and the condition in paragraph (b) above may be satisfied.
(4)
For the purposes of sub-paragraph (3) above a person shall be taken to have disposed of any shares if and only if there has been such a disposal as would have been a chargeable event in relation to those shares if the person making the disposal had been resident in the United Kingdom.
(5)
Where in any case—
(a)
the investor or a person who has acquired any relevant shares on a disposal within marriage dies, and
(b)
an event occurs at or after the time of the death which (apart from this sub-paragraph) would be a chargeable event in relation to any relevant shares held by the deceased immediately before his death,
that event shall not be a chargeable event in relation to the shares so held.
F5(6)
Any reference in the following provisions of this Schedule to a chargeable event falling within a particular paragraph of sub-paragraph (1) above is a reference to a chargeable event arising for the purposes of this Schedule by virtue of that paragraph.