SCHEDULES
SCHEDULE 16Venture capital schemes etc
Part 3Excluded activities: receipt of royalties and licence fees
Corporate venturing scheme
9
1
Paragraph 29 of Schedule 15 to FA 2000 is amended as follows.
2
In sub-paragraph (3), for paragraphs (a) and (b) substitute—
a
by the issuing company, or
b
by a company which was a qualifying subsidiary of the issuing company throughout a period during which it created the whole or greater part (in terms of value) of the intangible asset.
3
After sub-paragraph (6) insert—
7
If—
a
the issuing company acquired all the shares (“old shares”) in another company (“the old company”) at a time when the only shares issued in the issuing company were subscriber shares, and
b
the consideration for the old shares consisted wholly of the issue of shares in the issuing company,
references in sub-paragraph (3) to the issuing company include the old company.
10
In paragraph 86(2)
(substitution of new shares for old shares), after “Schedule”, in the first place it occurs, insert “
;(except paragraph 29(7))
”
.