SCHEDULES
SCHEDULE 2Transitionals and savings
Part 8Venture capital trusts
The gross assets requirement
76
1
For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings, section 297 applies in relation to shares or securities issued on or after 6 April 1998 and before 6 April 2006 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) any shares or securities acquired by a company at any time by means of the investment of—
a
money raised by the issue before 6 April 2006 of shares in or securities of the investing company, or
b
money derived from the investment by that company of any such money,
are treated as having been issued before 6 April 2006.
3
For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings, section 297 applies in relation to shares or securities issued before 6 April 1998 with the substitution in subsections (1) and (2)—
a
of “£10 million” for “£7 million”, and
b
of “£11 million” for “£8 million”.