Part 2 Deferral Relief
Finance Act 2004 (2004 c 12) | Legislation

Part 2 Deferral Relief

12

Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c 12) (enterprise investment scheme: re-investment) is amended as follows.

13

(1)     In paragraph 1(2) (definition of qualifying investment)—

(a)     in paragraph (a), omit “wholly in cashâ€,

(b)     after that paragraph insert—

“(aza)     he subscribed for the shares (other than any of them which are bonus shares) wholly in cash,â€,

(c)     in paragraph (c), for the words from “are fully†to “future date)†substitute “ (other than any of them which are bonus shares) are fully paid upâ€,

(d)     in paragraph (e), after “Act†insert “ (read with section 289(1B) to (1E) of that Act)â€,

(e)     in paragraph (f), for “all the shares comprised in the issue†substitute “the shares (other than any of them which are bonus shares)â€,

(f)     . . ..

(2)     After paragraph 1(4) of that paragraph insert—

“(5)     Shares are not fully paid up for the purposes of sub-paragraph (2)(c) above if there is any undertaking to pay cash to any person at a future date in respect of the acquisition of the shares.â€.

14

In paragraph 1A (failure of conditions of application)—

(a)     in sub-paragraph (1), after

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