174The purpose of the issue requirementU.K.
[F1(1)]The relevant shares (other than any of them which are bonus shares) must be issued in order to raise money for the purpose of a qualifying business activity [F2so as to promote business growth and development].
[F3(2)For this purpose “business growth and development” means the growth and development of—
(a)if the issuing company is a single company, the business of that company, and
(b)if the issuing company is a parent company, what would be the business of the group if the activities of the group companies taken together were regarded as one business.]
Textual Amendments
F1S. 174(1): s. 174 renumbered as s. 174(1) (with effect in accordance with Sch. 5 para. 23 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 10(2)
F2Words in s. 174(1) inserted (with effect in accordance with Sch. 5 para. 23 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 10(3)
F3S. 174(2) inserted (with effect in accordance with Sch. 5 para. 23 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 10(4)