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Changes over time for: Cross Heading: The requirements


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 18/11/2015
Status:
Point in time view as at 01/04/2010.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: The requirements.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
The requirementsU.K.
163The no connection with the issuing company requirementU.K.
(1)The investor must not be connected with the issuing company (whether before or after its incorporation) at any time during the period—
(a)beginning two years before the issue of the shares, and
(b)ending immediately before the termination date relating to the shares.
(2)This is subject to section 169(1).
164The no linked loans requirementU.K.
(1)No linked loan is to be made by any person, at any time in period A, to the investor or an associate of the investor.
(2)In this section “linked loan” means any loan which—
(a)would not have been made, or
(b)would not have been made on the same terms,
if the investor had not subscribed for the relevant shares, or had not been proposing to do so.
(3)References in this section to the making by any person of a loan to the investor or an associate of the investor include references—
(a)to the giving by that person of any credit to the investor or any associate of the investor, and
(b)to the assignment to that person of a debt due from the investor or any associate of the investor.
165The no tax avoidance requirementU.K.
The relevant shares must be subscribed for by the investor for genuine commercial reasons, and not as part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
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