Venture capital trusts
12(1)Section 306 of ITA 2007 (qualifying holdings) is amended as follows.
(2)In subsection (4), for paragraphs (a) and (b) substitute—
“(a)by the relevant company, or
(b)by a company which was a qualifying subsidiary of the relevant company throughout a period during which it created the whole or greater part (in terms of value) of the intangible asset.”
(3)In subsection (6), omit the definition of “holding company”.
(4)After that subsection insert—
“(7)If—
(a)the relevant company acquired all the shares (“old shares”) in another company (“the old company”) at a time when the only shares issued in the relevant company were subscriber shares, and
(b)the consideration for the old shares consisted wholly of the issue of shares in the relevant company,
references in subsection (4) to the relevant company include the old company.”