Income Tax Act 2007 Schedule 2 paragraph 64

The 15% holding limit condition

Paragraph 64 modifies how the 15% holding limit condition under section 277(5) applies to shares or securities issued before 17 April 2002.

• This paragraph applies only to shares or securities issued before 17 April 2002
• It modifies section 277(5), which sets out the 15% holding limit condition for VCT approval
• The word "amalgamation" is added alongside "reconstruction" in the first instance where that term appears, broadening the scope of the provision
• The definition clause at the end of section 277(5), beginning "In this subsection", is removed for these older shares