Regulation 2 Interpretation

In these Regulations unless the context otherwise requires—

• “accounting date” has the meaning given by section 834(1);

• “the Board” means the Commissioners of Inland Revenue;

• “eligible shares” has the meaning given by paragraph 6(1) of Schedule 15B;^f1

• “enduring declaration” shall be construed in accordance with regulation 12;

• “full approval” means approval in pursuance of subsection (2) of section 842AA;^f2

• “investor” means a person who holds shares in a company which is, or has been, a trust company;

• “the Management Act” means the Taxes Management Act 1970;^f3

• “period of account” has the meaning given by section 834(1);

• “permitted maximum” shall be construed in accordance with paragraph 8 of Schedule 15B;

• “provisional approval” means approval in pursuance of subsection (4) of section 842AA;

• “qualifying holding” shall be construed in accordance with Schedule 28B;^f4

• “trust company” means a venture capital trust within the meaning given by section 842AA;

• “year” means a year beginning with 6th April in any year and ending with 5th April in the following year.

In these Regulations, any reference to a provision, without more, is a reference to that provision of the Income and Corporation Taxes Act 1988.^f5