Paragraph 2

In subsection (1) of section 289 (relief under the business expansion scheme), for paragraph (a) there shall be substituted—

“(a)

those shares are issued to him after the passing of the Finance Act 1988 and before the end of 1993 for the purpose of raising money for qualifying activities which are being carried on by the company or which it intends to carry on;”

In subsection (8) of that section, for paragraph (a) there shall be substituted—

“(a)

in a case falling within subsection (1)(a) unless and until the company has carried on the activities for four months;”

For subsection (9) of that section there shall be substituted—

“(9)

A claim for relief may be allowed under subsection (1)(a) at any time after the activities have been carried on by the company for four months, if the conditions for the relief are then satisfied.”

In subsection (12)(b) of that section, for the words from “either” onwards there shall be substituted the words “four years after that date”.

Subsection (13) of that section shall be omitted.