SCHEDULES

SCHEDULE 2Transitionals and savings

Part 7Enterprise investment scheme

The gross assets requirement

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1

In relation to shares to which sub-paragraph (2) or (3) applies, section 186 applies with the substitution in subsections (1) and (2)—

a

of “£15 million” for “£7 million”, and

b

of “£16 million” for “£8 million”.

2

This sub-paragraph applies to shares issued to a person who subscribed for them before 22 March 2006.

3

This sub-paragraph applies to shares issued to the managers of an investment fund approved for the purposes of section 251 by the Commissioners for Her Majesty's Revenue and Customs if—

a

the fund was approved before 22 March 2006,

b

investments in the fund have been accepted before 6 April 2006, and

c

the shares are issued to the managers as nominee for an individual who has (whether or not before 6 April 2006) invested in the fund.