SCHEDULE 31 Gains of Insurance Company from Venture Capital Investment Partnership
Finance Act 2002 (2002 c 23) | Legislation

SCHEDULE 31 Gains of Insurance Company from Venture Capital Investment Partnership

Section 85

The following Schedule is inserted after Schedule 7AC to the Taxation of Chargeable Gains Act 1992 (c 12)—

“SCHEDULE 7AD
Gains of Insurance Company from Venture Capital Investment Partnership
Introduction
1

This Schedule applies where the assets of the long-term insurance fund of an insurance company (“the companyâ€) include assets held by the company as a limited partner in a venture capital investment partnership (“the partnershipâ€).

Meaning of “venture capital investment partnershipâ€
2

(1)     A “venture capital investment partnership†means a partnership in relation to which the following conditions are met.

(2)     The first condition is that the sole or main purpose of the partnership is to invest in unquoted shares or securities.

This condition shall not be regarded as met unless it appears from—

(a)     the agreement constituting the partnership, or

(b)     any prospectus issued to prospective partners,

that that is the sole or main purpose of the partnership.

(3)     The second condition is that the partnership does not carry on a trade.

(4)     The third condition is that not less than 90% of the book value of the partnership's investments

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