investment" is made in a company if the company issues shares (money having been subscribed for them), and (at any time) the company provides a compliance statement under section 257ED (seed enterprise investment scheme).
18
1
Schedule 4 (index of defined expressions) is amended as follows.
2
Insert the following entries at the appropriate places -
arrangements (in Part 5A) section 257HJ(1)
associate (in Part 5A) section 257HJ(1)
bonus shares (in Part 5A) section 257HJ(1)
compliance certificate (in Part 5A) section 257EC(1)
compliance statement (in Part 5A) section 257ED(1)
director (in Part 5A) section 257HJ(1)
disposal of shares (in Part 5A) section 257HH
EIS relief (in Part 5A) section 257HJ(1)
group (in Part 5A) section 257HJ(1)
group company (in Part 5A) section 257HJ(1)
issue of shares (in Part 5A) section 257HI
market value (in Part 5A) section 257HJ(6)
new qualifying trade (in Part 5A) section 257HF
ordinary shares (in Part 5A) section 257HJ(1)
parent company (in Part 5A) section 257HJ(1)
period A, period B (in Part 5A) section 257AC
permanent establishment (in Part 5A) section 257HJ(1)
qualifying business activity (in Part 5A) section 257HG
qualifying subsidiary (in Part 5A) section 257HJ(1)
qualifying 90% subsidiary (in Part 5A) section 257HJ(1)
research and development (in Part 5A) section 257HJ(1)
SEIS (in Part 5A) section 257A(2)
single company (in Part 5A) section 257HJ(1)
3
In the entry for "control", in the second column, after "257(3)," insert "257HJ(3),".
TCGA 1992
19
TCGA 1992 is amended as follows.
20
1
Section 150A (enterprise investment scheme) is amended as follows.
2
For "relief", in each place it occurs (except subsections (6)(c) and (10)), substitute "EIS relief".
3
In subsection (6) -
a
omit the "and" at the end of paragraph (b) and after that paragraph insert -
ba
shares to which SEIS relief is attributable; and
,
b
in paragraph (c), for "relief is not" substitute "neither EIS nor SEIS relief is", and
c
after "paragraph (a), (b)" insert ", (ba)".
4
In subsection (10), for "the relief" substitute "EIS relief".
5
In subsection (10A), at the appropriate place, insert -
"EIS relief" means relief under Chapter 3 of Part 7 of the Taxes Act or Part 5 of ITA 2007;
, and
"SEIS relief" means relief under Part 5A of ITA 2007.
21
1
Section 150B (enterprise investment scheme: reduction of relief) is amended as follows.
2
For "relief", in each place it occurs, substitute "EIS relief".
3
After subsection (5) insert -
5A
In this section "EIS relief" means relief under Chapter 3 of Part 7 of the Taxes Act or Part 5 of ITA 2007.
22
In Schedule 5B (enterprise investment scheme: re-investment), in paragraph 2 (postponement of original gain) -
a
in sub-paragraph (3)(b), after "Schedule" insert "or paragraph 1(5) of Schedule 5BB", and
b
in sub-paragraph (4), after "this Schedule" insert "or paragraph 1(5) of Schedule 5BB".
TMA 1970
23
In section 98 of TMA 1970 (special returns, etc) -
a
in the first column of the Table, after the entry