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Finance (No. 2) Act 2015

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This is the original version (as it was originally enacted).

Qualifying holdings

This section has no associated Explanatory Notes

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),” and

(e)after paragraph (ja) insert—

“(jb)the proportion of skilled employees (see section 297B),”.

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