Part 1 Enterprise Investment Scheme
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 7 Enterprise Investment Scheme

Section 39

Part 1 Enterprise Investment Scheme

Introduction

1

Part 5 of ITA 2007 (enterprise investment scheme) is amended as follows.

Minimum subscription

2

In section 157 (eligibility for EIS relief), omit subsections (2) and (3).

Increase in amount of relief

3

(1)     In section 158 (form and amount of EIS relief), in subsection (2)(b) for “£500,000†substitute “£1 millionâ€.

(2)     Accordingly, section 31 of FA 2008 is repealed.

Loan capital

4

In section 170 (person interested in capital etc of company)—

(a)     in subsection (1)(b), omit “loan capital andâ€, and

(b)     omit subsections (8) and (10).

Overview of Chapter 3

5

In section 172 (overview of Chapter 3), omit the “and†at the end of paragraph (e) and after paragraph (f) insert

“, and

(g)     no disqualifying arrangements (see section 178A).â€

Relaxation of the shares requirement

6

(1)     Section 173 (the shares requirement) is amended as follows.

(2)     In subsection (2), for paragraph (a) (but not the “or†after it) substitute—

“(a)     any present or future preferential right to dividends that is within subsection (2A),

(aa)     any present or future preferential

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