293The use of the money raised requirementU.K.
(1)The requirement of this section at any time on or after the issue of the relevant holding is that—
(a)if that time is not more than 12 months after the trading time, any of conditions A, B and C is met,
(b)if that time is more than 12 months but not more than 24 months after the trading time, either of conditions B and C is met, and
(c)in any other case, condition C is met.
(2)Condition A is that at least 80% of the money raised by the issue of the relevant holding has been or is intended to be employed wholly for the purposes of a relevant qualifying activity.
(3)Condition B is that at least 80% of the money raised by the issue of the relevant holding has been employed wholly for the purposes of the activity.
(4)Condition C is that all of the money raised by the issue of the relevant holding has been employed wholly for the purposes of the activity.
(5)In subsection (1) “the trading time” means whichever is applicable of the following—
(a)in a case where the requirement of section 291 was met in relation to the time when the relevant holding was issued and the relevant qualifying activity falls within subsection (2) of that section, the time when the relevant holding was issued, and
(b)in a case where that requirement was met in relation to that time and the relevant qualifying activity falls within subsection (3) of that section, the time when the condition in subsection (4)(a) of that section was met by a qualifying company beginning to carry on the intended trade.
(6)For the purposes of this section money is not to be treated as employed otherwise than wholly for the purposes of a relevant qualifying activity if the only amount employed for other purposes is an amount which is not a significant amount.
(7)Nothing in section 286(5) requires any money whose use is ignored by virtue of subsection (6) to be treated as raised by a different holding.
(8)In this section—
“qualifying activity” and “qualifying company” have the same meaning as in section 291, and
a qualifying activity is a “relevant qualifying activity” if—
(a)it was also a qualifying activity at the time when the relevant holding was issued, or
(b)it is a qualifying trade and preparing to carry it on was a qualifying activity at that time.