Point in time view as at 01/04/2008.
Finance Act 2007, Cross Heading: Corporate venturing scheme is up to date with all changes known to be in force on or before 03 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
9(1)Paragraph 29 of Schedule 15 to FA 2000 is amended as follows.U.K.
(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.”
10U.K.In paragraph 86(2) (substitution of new shares for old shares), after “Schedule”, in the first place it occurs, insert “ ;(except paragraph 29(7)) ”.
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