Enterprise investment scheme etcU.K.
16(1)In Chapter 3 of Part 7 of ICTA—U.K.
(a)in section 289 (eligibility for relief), for subsections (9) to (13) substitute—
“(9)Section 190 of ITA 2007 (meaning of “qualifying 90% subsidiary”) applies for the purposes of this Chapter.”;
(b)in section 312(1) (interpretation of Chapter), in the definition of “qualifying 90% subsidiary”, omit “to (13)”.
(2)In section 190 of ITA 2007 (EIS: meaning of “qualifying 90% subsidiary”), after subsection (1) insert—
“(1A)For the purposes of this Part, a company (“company A”) which is a subsidiary of another company (“company B”) is a qualifying 90% subsidiary of a third company (“company C”) if—
(a)company A is a qualifying 90% subsidiary of company B, and company B is a qualifying 100% subsidiary of company C, or
(b)company A is a qualifying 100% subsidiary of company B, and company B is a qualifying 90% subsidiary of company C.
(1B)For the purposes of subsection (1A), no account is to be taken of any control company C may have of company A.
(1C)For those purposes, a company (“company X”) is a qualifying 100% subsidiary of another company (“company Y”) at any time when the conditions in subsection (1)(a) to (e) would be met if—
(a)company X were the subsidiary,
(b)company Y were the relevant company, and
(c)in subsection (1) for “at least 90%” in each place there were substituted “ ;100% ”.”