Income Tax Act 2007 section 78

Meaning of "qualifying trade"

Section 78 modifies the definition of "qualifying trade" under section 300 when determining whether shares or securities issued before 6 April 2007 form part of a company's qualifying holdings for venture capital trust purposes.

• This provision applies only to shares or securities issued before 6 April 2007
• It modifies how section 300 (meaning of "qualifying trade") applies to those pre-April 2007 shares and securities
• Subsection (2)(b) of section 300, together with the "or" immediately preceding it, is removed for these purposes
• Subsection (3) of section 300 is entirely omitted for these purposes