C1F1PART 5ASeed enterprise investment scheme
Pt. 5A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5BB para. 8(4) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5)
CHAPTER 4The issuing company
The requirements
257DKNo previous other risk capital scheme investments
1
The requirement of this section is that—
a
no EIS investment or VCT investment is or has been made in the issuing company on or before the day on which the relevant shares are issued, and
b
no EIS investment or VCT investment has been made on or before that day in a company which at the time the relevant shares are issued is a qualifying subsidiary of the issuing company.
2
An “EIS investment” is made in the company if the company—
a
issues shares (money having been subscribed for them), and
b
(at any time) provides a compliance statement under section 205 in respect of the shares;
and the EIS investment is regarded as made when the shares are issued.
3
A “VCT investment” is made in the company if an investment (of any kind) in the company is made by a VCT.
Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1