Income Tax Act 2007 Schedule 1 paragraph 627

Omission of Enterprise Investment Scheme provisions from ICTA 1988

Paragraph 627 removes the old Enterprise Investment Scheme (EIS) rules from the Income and Corporation Taxes Act 1988, but only in respect of shares issued after 5 April 2007, and preserves section 305A.

• Chapter 3 of Part 7 of ICTA 1988, which contained the original EIS rules, is omitted for shares issued after 5 April 2007
• Section 305A of ICTA 1988 is specifically preserved and continues to have effect
• The EIS rules were rewritten into Part 5 of the Income Tax Act 2007, which applies only to shares issued on or after 6 April 2007
• For shares issued before 6 April 2007, the old ICTA 1988 EIS provisions continue to apply