Section 173A The maximum amount raised annually through risk capital schemes requirement
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Amendments
Section 173A inserted by Finance Act 2007 section 51 and Schedule 16 para 5(3) from 19 July 2007 except in relation to shares issued to the managers of an approved fund which closed before that day.
(1) The total amount of relevant investments made in the issuing company in the year ending with the date the relevant shares are issued must not exceed £2 million.
(2) In subsection (1), the reference to relevant investments made in the issuing company includes relevant investments made in any company that is, or has at any time in the year mentioned there been, a subsidiary of the issuing company (whether or not it was such a subsidiary when the investment was made).
(3) A “relevant investment” is made in a company if—
(a) an investment (of any kind) in the company is made by a VCT, or
(b) the company issues shares (money having been subscribed for them), and (at any time) the company provides—
(i) a compliance statement under section 205, or
(ii) a compliance statement under paragraph 42 of Schedule 15 to FA 2000 (corporate venturing scheme),
in respect of the shares.
(4) An investment within subsection (3)(b) is regarded as made when the shares are issued.
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