SCHEDULE 20 Corporate Venturing Scheme
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 20 Corporate Venturing Scheme

Section 95

1

Schedule 15 to the Finance Act 2000 (c 17) (the corporate venturing scheme) is amended as follows.

2

In paragraph 3 (meaning of “the qualification period”)—

(a)     in sub-paragraph (1)(b)(ii), and

(b)     in sub-paragraph (2)(a) and (b),

for “qualifying subsidiaries” substitute “qualifying 90% subsidiaries”.

3

In paragraph 15 (introduction) after paragraph (e) insert—

“(ea)     property managing subsidiaries (see paragraph 21A);”.

4

In paragraph 20 (the qualifying subsidiaries requirement) for sub-paragraph (2) substitute—

“(2)     In this paragraph “subsidiary” means any company which the company controls, either on its own or together with any person connected with it.

(3)     For the purpose of sub-paragraph (2), the question whether a person controls a company shall be determined in accordance with section 416(2) to (6) of the Taxes Act 1988.”.

5

(1)     Paragraph 21 (meaning of “qualifying subsidiary”) is amended as follows.

(2)     In sub-paragraph (2)—

(a)     omit paragraphs (a) to (c),

(b)     before paragraph (d) insert—

“(ca)     the subsidiary is a 51% subsidiary of the relevant company;”,

(c)     in paragraph (e) for “the conditions in paragraphs (a) to” substitute “either of the conditions in paragraphs (ca) and”.

(3)

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