SCHEDULES

SCHEDULE 8Venture capital schemes

Venture Capital Trusts

9

1

Section 293 of ITA 2007 (use of money raised requirement) is amended as follows.

2

For subsection (1) substitute—

1

The requirement of this section is that—

a

less than two years has passed since the trading time, or

b

at least two years has passed since the trading time and all of the money raised by the issue of the relevant holding has been employed wholly for the purposes of a relevant qualifying activity.

3

Omit subsections (2) to (4).