1U.K.In Schedule 15B to the Taxes Act 1988 (venture capital trusts: relief from income tax), in paragraph 1 (entitlement to claim relief on investment), after sub-paragraph (9) insert—
“(10)An individual is not eligible for relief under this Part of this Schedule by reference to any shares which are treated as issued to him by virtue of section 195(8) of the Finance Act 2003 (tax treatment of disposal by company of its own shares).
(11)Where a company which is a venture capital trust issues to any individual eligible shares to which sub-paragraph (10) above applies, it must—
(a)at the time of the issue of those shares, give that individual a notice stating that he is not eligible for relief under this Part of this Schedule by reference to those shares, and
(b)no later than three months after the issue of those shares, give a copy of that notice to an officer of the Board.”.