SCHEDULES

SCHEDULE 14Investment reliefs: venture capital schemes

Section 91

Part 1Limits on gross assets of issuers of shares or securities

Enterprise investment scheme

1

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Venture capital trusts

2

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Corporate venturing scheme

3

1

In paragraph 22(1) and (2) of Schedule 15 to FA 2000 (corporate venturing scheme: limits on value of gross assets of share-issuing company or its group)—

a

in paragraph (a) (value must not exceed £15 million immediately before issue of relevant shares), for “£15 million” substitute “ £7 million ”, and

b

in paragraph (b) (value must not exceed £16 million immediately after issue of relevant shares), for “£16 million” substitute “ £8 million ”.

2

Sub-paragraph (1) has effect in relation to shares issued on or after 6th April 2006, subject to sub-paragraph (3).

3

Sub-paragraph (1) does not have effect in relation to shares issued on or after 6th April 2006 to a person who subscribed for them before 22nd March 2006.

Part 2Rate of relief for investments in venture capital trusts

4

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 3Enterprise investment scheme: maximum subscriptions and carry-back of relief

5

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 4Lengthening of periods applicable to venture capital trusts

7

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 5Venture capital trusts: meaning of “investments”

8

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .