SCHEDULES

SCHEDULE 8Venture capital schemes

Enterprise investment scheme

4

1

Paragraph 9 (other reconstructions and amalgamations) is amended as follows.

2

For sub-paragraph (1) substitute—

1

This paragraph applies if section 135 or 136 (company reconstructions) applies in relation to shares to which deferral relief, but not relief under Part 5 of ITA 2007 (or Chapter 3 of Part 7 of the Taxes Act), is attributable.

1A

Paragraphs 3 and 4 of this Schedule have effect as if section 135 or 136 did not apply in relation to the shares.

3

In sub-paragraph (2), for “Sub-paragraph (1) above shall not have effect to disapply section 135 or 136 where” substitute “ Sub-paragraph (1A) does not apply if ”.

4

For sub-paragraph (3) substitute—

3

Sub-paragraph (1A) does not apply if paragraph 8 applies in relation to the shares.