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Finance Act 1997
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- 1997 c. 16
- SCHEDULE 17
- Qualifying investments
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Qualifying investmentsU.K.
2(1)In subsection (8) of section 164A (cases where eligible shares are not a qualifying investment), after “in a qualifying company shall” there shall be inserted “ , subject to subsection (8A) below, ”.U.K.
(2)After that subsection there shall be inserted the following subsections—
“(8A)Where the eligible shares acquired by any person in a qualifying company are shares which he acquires by their being issued to him, his acquisition of the shares shall not be regarded as the acquisition of a qualifying investment unless the qualifying company, or a qualifying subsidiary of that company, is intending to employ the money raised by the issue of the shares wholly for the purposes of a qualifying trade carried on by it.
(8B)For the purposes of subsection (8A) above—
(a)the purposes of a trade include the purpose of preparing for the carrying on of the trade; and
(b)“qualifying subsidiary” has the same meaning as in section 164G.”
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