# Income Tax Act 2007, Section 256: Meaning of “the termination date”


(1) In this Part “the termination date”, in relation to any shares issued by a company, means—
(a) the third anniversary of the issue date, or
(b) if—
(i) the money raised by the issue was raised wholly or mainly for the purpose of a qualifying business activity within section 179(2) (the issuing company or a qualifying 90% subsidiary of that company carrying on or preparing to carry on a qualifying trade), and
(ii) neither the issuing company nor any of its qualifying 90% subsidiaries had begun to carry on the trade in question on the issue date,
the third anniversary of the date on which the issuing company or any qualifying 90% subsidiary of that company begins to carry on that trade.
(2) In determining for the purposes of subsection (1) when a qualifying trade is begun to be carried on by a qualifying 90% subsidiary of a company, any carrying on of the trade by it before it became such a subsidiary is to be ignored.

---
Source: https://www.legislation.gov.uk/ukpga/2007/3/section/256 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-256
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.