3(1)In this Schedule “the qualification period”, in relation to the relevant shares, means the period beginning with the issue of the shares and ending—U.K.
(a)immediately before the third anniversary of the issue date; or
(b)where the money raised by the issuance of the shares is employed wholly or mainly for the purposes of one or more qualifying trades that, on the issue date, were not being carried on—
(i)by the issuing company, or
(ii)if it is a parent company, by that company or any of its [F1qualifying 90% subsidiaries] ,
immediately before the third anniversary of the trading date.
(2)For this purpose “the trading date” means—
(a)the date on which the issuing company or one of its [F2qualifying 90% subsidiaries] begins to carry on the qualifying trade to which sub-paragraph (1)(b) refers, or
(b)if there is more than one such trade, the latest date on which the issuing company or one of its [F3qualifying 90% subsidiaries] begins to carry on such a trade.
Textual Amendments
F1Words in Sch. 15 para. 3(1)(b)(ii) substituted (22.7.2004) (with effect in accordance with Sch. 20 para. 15 of the amending Act) by Finance Act 2004 (c. 12), Sch. 20 para. 2(a)
F2Words in Sch. 15 para. 3(2)(a) substituted (22.7.2004) (with effect in accordance with Sch. 20 para. 15 of the amending Act) by Finance Act 2004 (c. 12), Sch. 20 para. 2(b)
F3Words in Sch. 15 para. 3(2)(b) substituted (22.7.2004) (with effect in accordance with Sch. 20 para. 15 of the amending Act) by Finance Act 2004 (c. 12), Sch. 20 para. 2(b)