[280C The permitted maximum age condition]
Income Tax Act 2007 (2007 c 3) | Legislation

[280C  The permitted maximum age condition]

[(1)     This section applies for the purposes of the permitted maximum age condition.

(2)     Where a company makes an investment in another company (“the relevant company”), that investment (“the current investment”) breaches the permitted maximum age limits if—

(a)     the investment is made after the initial investing period, and

(b)     none of conditions A to C is met.

(3)     “The initial investing period” means—

(a)     where the relevant company is a knowledge-intensive company on the investment date, the period of 10 years [beginning with—

(i)     the relevant first commercial sale, or

(ii)     if the relevant company so elects, the date by reference to which that company is treated as reaching an annual turnover of £200,000 (see section 331B),] and

(b)     in any other case, the period of 7 years beginning with that sale.

(4)     Condition A is that—

(a)     a relevant investment was made in the relevant company before the end of the initial investing period, and

(b)     some or all of the money raised by that investment was employed for the purposes of the same activities as the money raised by the current investment (or some of those activities).

(5)     Condition B is that—

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

In a business-to-business contract where a contractual long-stop date has passed but the parties wish to

In a business-to-business contract where a contractual long-stop date has passed but the parties wish to continue with the contract, should they document their intention to continue or enter into a new contract?Long-stop dateAs stated in the Drafting Notes to clause: Long-stop date definition, the

LEXISNEXIS

Possession with intent to supply

Possession with intent to supplyPossession with intent to supply a controlled drugIt is an offence for a person to have a controlled drug in his possession, whether lawfully or not, with intent to supply it to another in contravention of section 4(1) of the Misuse of Drugs Act 1971 (MDA

LEXISNEXIS

The British Franchise Association (BFA)

The British Franchise Association (BFA)This Practice Note examines the role and remit of the British Franchise Association (the BFA) in the franchise industry in the UK. It looks at the legislative and regulatory framework in the franchise industry, the membership criteria of the BFA, the BFA’s Code

LEXISNEXIS

Interim injunctions—the American Cyanamid guidelines

Interim injunctions—the American Cyanamid guidelinesThis Practice Note is concerned with substantive interim injunctions, which are a particular species of injunction granted on a temporary basis ahead of trial. As set out below, there are different considerations depending on whether the interim