Income Tax Act 2007 (c. 3)

Part 5 U.K. Enterprise investment scheme

Chapter 3 U.K. General requirements

Introduction U.K.

172 Overview of Chapter U.K.

The general requirements are met in respect of the relevant shares if the requirements of this Chapter are met as to—

(a) the shares (see section 173),

[F1 (aa) the maximum amount raised annually through risk [F2 finance investments] (see section 173A),]

[F3 (aaa) the maximum risk finance investments at the issue date (see section 173AA),

(aab) the maximum risk finance investments at times during period B (see section 173AB),]

F4 (ab) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) the purpose of the issue (see section 174),

(c) the use of the money raised (see section 175),

[F5 (ca) the permitted maximum age (see section 175A),]

(d) the minimum period (see section 176),

(e) no pre-arranged exits (see section 177), and

(f) no tax avoidance (see section 178)[F6 , and

(g) no disqualifying arrangements (see section 178A)].

Textual Amendments

F1 S. 172(aa) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 5(2) (with Sch. 16 para. 5(5)(6))

F2 Words in s. 172(aa) substituted (with effect in accordance with Sch. 5 para. 23 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 6(a)

F3 S. 172(aaa)(aab) inserted (with effect in accordance with Sch. 5 para. 23 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 6(b)

F4 S. 172(ab) omitted (with effect in accordance with Sch. 5 para. 21 of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 6(c)

F5 S. 172(ca) inserted (with effect in accordance with Sch. 5 para. 23 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 6(d)

F6 S. 172(g) and preceding word inserted (17.7.2012) (with effect in accordance with Sch. 7 para. 22 of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 para. 5