12 VCTs: follow-on funding
Finance (No 2) Act 2017 (2017 c 32) | Legislation

12  VCTs: follow-on funding

(1)     ITA 2007 is amended as follows.

(2)     In section 326 (restructuring to which sections 326A and 327 apply)—

(a)     in the heading to section 326, for “section 327 applies” substitute “sections 326A, 327 and 327A apply”;

(b)     in subsection (1), for “Sections 326A and 327 apply” substitute “Sections 326A, 327 and 327A apply”.

(3)     After section 327 insert—

“327A Follow-on funding

(1)     Subsections (2) and (3) apply where—

(a)     this section applies (see section 326(1)),

(b)     the acquisition by the new company of all the

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