SCHEDULES

SCHEDULE 2Transitionals and savings

Part 8Venture capital trusts

Excluded activities: provision of services or facilities for another business

85

1

For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings, section 310 applies in relation to shares or securities issued before 6 April 2007 with the following modifications—

a

in subsections (1) to (4), the substitution of “trade” for “business”, wherever it occurs, and

b

in subsection (5) the substitution for paragraph (b) of—

b

“trade” includes business, profession or vocation where what is carried on is carried on by a person other than a company.

2

For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings at any time, section 310(1)(a) applies in relation to shares or securities acquired by the company by means of the investment of—

a

money raised by the issue before 17 March 1998 of shares in or securities of the investing company, or

b

money derived from the investment by that company of any such money,

with the substitution for “paragraphs (a) to (k)” of “paragraphs (a) to (f)”.