Income Tax Act 2007 Schedule 2 paragraph 72

The carrying on of a qualifying activity requirement

Paragraph 72 provides transitional rules for applying the qualifying activity requirement under section 291 to shares or securities issued before specific historic dates, for the purpose of determining whether they form part of a venture capital trust's qualifying holdings.

• For shares or securities issued before 6 April 2007, the qualifying activity requirement in section 291 applies but without subsection (8).
• For shares or securities issued before 17 March 2004, additional modifications apply, principally replacing references to "a qualifying company" with "the qualifying company", restricting the requirement to a single specific company rather than allowing different qualifying companies at different times.
• The pre-17 March 2004 modifications also adjust the wording around the company's intention to carry on a qualifying activity, and remove the reference to "by a qualifying company" in the relevant provision.
• For shares or securities issued before 17 March 2004, subsection (6) of section 291 is also omitted entirely.