C1Part 7Community investment tax relief
Annotations:
Modifications etc. (not altering text)
Chapter 3Qualifying investments
347Conditions to be met in relation to shares
1
Condition A of this section is that the shares must be—
a
subscribed for wholly in cash, and
b
fully paid up on the investment date.
2
Condition B is that the shares must not carry—
a
any present or future right to be redeemed during the 5 year period, or
b
any present or future right to be converted into or exchanged for a loan which is, or securities, shares or other rights which are, redeemable within that period.
3
Shares are not fully paid up for the purposes of subsection (1)(b) if there is any undertaking to pay cash to the CDFI at a future date in connection with the acquisition of the shares.
Pt. 7 modified by 2005 c. 7, s. 54A (as inserted (10.7.2008) by The Alternative Finance Arrangements (Community Investment Tax Relief) Order 2008 (S.I. 2008/1821), arts. 1, 2)