SCHEDULES

SCHEDULE 2Transitionals and savings

Part 6Losses on disposal of shares

The gross assets requirement

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1

In relation to shares issued before 6 April 2006, section 142 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

For the purposes of sub-paragraph (1) shares issued on or after 6 April 2006 to a person who subscribed for them before 22 March 2006 are treated as having been issued before 6 April 2006.

3

Section 142 does not apply in relation to shares issued before 6 April 1998.

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