Schedules

SCHEDULE 2Transitionals and savings etc

Part 5Losses on disposal of shares

The gross assets requirement

34

(1)

In relation to shares issued before 6 April 2006, section 84 applies with the substitution in subsections (1) and (2)—

(a)

of “ £15 million ” for “£7 million”, and

(b)

of “ £16 million ” for “£8 million”.

(2)

For the purposes of sub-paragraph (1) shares issued on or after 6 April 2006 to a company which subscribed for them before 22 March 2006 are treated as having been issued before 6 April 2006.

(3)

Section 84 does not apply in relation to shares issued before 6 April 1998.