SCHEDULES
SCHEDULE 6Venture capital trusts
Qualifying holdings
6
1
Section 286 (qualifying holdings: introduction) is amended as follows.
2
In subsection (2), omit the “and” at the end of paragraph (a) and after paragraph (b) insert
, and
c
those shares or securities were first issued by the relevant company in order to raise money for the purposes of promoting growth and development of—
i
if the relevant company is a single company, the business of that company, and
ii
if it is a parent company, what would be the business of the group if the activities of the group companies taken together were regarded as one business.
3
In subsection (3)—
a
in paragraph (ea), for “capital schemes” substitute “
finance investments
”
,
b
after that paragraph insert—
eaa
the maximum risk finance investments when the relevant holding is issued (see section 292AA),
eab
the maximum risk finance investments during the 5-year post-investment period (see section 292AB),
c
omit paragraph (eb),
d
after paragraph (g) insert—
ga
the permitted company age requirement (see section 294A),
e
after paragraph (ja) insert—
jb
the proportion of skilled employees (see section 297B),