Paragraph 8 C1

United Kingdom

(1)

The requirement of this paragraph is that the value of the relevant assets—

(a)

did not exceed F1£7 million immediately before the issue of the relevant holding; and

(b)

did not exceed F2£8 million immediately afterwards.

(2)

Subject to sub-paragraph (3) below, the reference in sub-paragraph (1) above to the value of the relevant assets is a reference—

(a)

in relation to a time when the relevant company did not have any qualifying subsidiaries, to the value of the gross assets of that company at that time; and

(b)

in relation to any other time, to the aggregate value at that time of the gross assets of all the companies in the relevant company’s group.

(3)

For the purposes of this paragraph assets of any member of the relevant company’s group that consist in rights against, or in shares in or securities of, another member of the group shall be disregarded.

(4)

In this paragraph references, in relation to any time, to the relevant company’s group are references to the relevant company and its qualifying subsidiaries at that time.

Annotations

Textual amendments

F1: Words in Sch. 28B para. 8(1)(a) substituted (with effect in accordance with Sch. 14 para. 2(2)-(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 2(1)(a)
F2: Words in Sch. 28B para. 8(1)(b) substituted (with effect in accordance with Sch. 14 para. 2(2)-(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 2(1)(b)

Modifications

C1: Sch. 28B paras. 6-9, 10B modified (13.11.2002 with effect in accordance with reg. 1(2) of the modifying S.I.) by The Venture Capital Trust (Exchange of Shares and Securities) Regulations 2002 (S.I. 2002/2661), regs. 7-9, 11

Notes on Schedule 28B

Textual amendments

F1: Sch. 28B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 240, Sch. 3 Pt. 1 (with Sch. 2)
F2: Sch. 28B inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 70(2), Sch. 14