# Finance (No. 2) Act 2017, Section 11: EIS and SEIS: the no pre-arranged exits requirement


(1) ITA 2007 is amended as follows.
(2) In section 177 (EIS: the no pre-arranged exits requirement), for subsection (2) substitute—
“(2) The arrangements referred to in subsection (1)(a) do not include—
(a) any arrangements with a view to such an exchange of shares, or shares and securities, as is mentioned in section 247(1), or
(b) any arrangements with a view to any shares in the issuing company being exchanged for, or converted into, shares in that company of a different class.”
(3) In section 257CD (SEIS: the no pre-arranged exits requirement), for subsection (2) substitute—
“(2) The arrangements referred to in subsection (1)(a) do not include—
(a) any arrangements with a view to such an exchange of shares, or shares and securities, as is mentioned in section 257HB(1), or
(b) any arrangements with a view to any shares in the issuing company being exchanged for, or converted into, shares in that company of a different class.”
(4) The amendments made by this section have effect in relation to shares issued on or after 5 December 2016.

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Source: https://www.legislation.gov.uk/ukpga/2017/32/section/11 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/section-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.