SCHEDULES
SCHEDULE 2Transitionals and savings
Part 7Enterprise investment scheme
The gross assets requirement
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1
In relation to shares to which sub-paragraph (2) or (3) applies, section 186 applies with the substitution in subsections (1) and (2)—
a
of “£15 million” for “£7 million”, and
b
of “£16 million” for “£8 million”.
2
This sub-paragraph applies to shares issued to a person who subscribed for them before 22 March 2006.
3
This sub-paragraph applies to shares issued to the managers of an investment fund approved for the purposes of section 251 by the Commissioners for Her Majesty's Revenue and Customs if—
a
the fund was approved before 22 March 2006,
b
investments in the fund have been accepted before 6 April 2006, and
c
the shares are issued to the managers as nominee for an individual who has (whether or not before 6 April 2006) invested in the fund.