SCHEDULES

SCHEDULE 16Venture capital schemes etc

Part 2Limit on amount raised annually by company through risk capital schemes

Transitional provision

C18

1

This paragraph applies for the purposes of—

a

paragraph 35A of Schedule 15 to FA 2000,

b

section 173A of ITA 2007 (including that section as applied by paragraph 1(6) of Schedule 5B to TCGA 1992), and

c

section 292A of ITA 2007.

2

References to investments made by a VCT do not include—

a

investments made on or before 5th April 2007,

b

investments of protected money (as defined by paragraph 6(6)).

3

References to shares in respect of which compliance statements are provided do not include—

a

shares issued before the day on which this Act is passed, or

b

shares issued to the managers of an approved fund which closed before that day.

4

Paragraph 2(5) (meaning of “the managers of an approved fund” etc) applies for the purposes of sub-paragraph (3)(b) above.