[809FZK Venture capital funds]
Income Tax Act 2007 (2007 c 3) | Legislation

[809FZK  Venture capital funds]

[(1)     Where a venture capital fund has a relevant interest in a trading company or the holding company of a trading group—

(a)     any venture capital investment made for the purposes of the scheme in the company after the time the relevant interest was acquired (and before a relevant disposal) is to be regarded as having been made at the time the relevant interest was acquired, and

(b)     any disposal for the purposes of the scheme of a venture capital investment in the company after that time is to be regarded as not being made until—

(i)     a relevant disposal is made, or

(ii)     the scheme director condition ceases to be met.

(2)     For the purposes of subsection (1) a venture capital fund has a relevant interest in a company if —

(a)     by virtue of its venture capital investments the fund has at least a 5% interest in the company, or

(b)     venture capital investments held for the purposes of the scheme in the

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