SCHEDULE 16 Venture Capital Schemes etc | Part 3 | Excluded Activities: Receipt Of Royalties And Licence Fees | Finance Act 2007 C11

Part 3 Excluded Activities: Receipt of Royalties and Licence Fees

Finance Act 2007 (2007 c 11) | Legislation

Part 3 Excluded Activities: Receipt of Royalties and Licence Fees

Corporate venturing scheme

(1) Paragraph 29 of Schedule 15 to FA 2000 is amended as follows.

(2) In sub-paragraph (3), for paragraphs (a) and (b) substitute—

“(a) by the issuing company, or

(b) by a company which was a qualifying subsidiary of the issuing company throughout a period during which it created the whole or greater part (in terms of value) of the intangible asset.”

(3) After sub-paragraph (6) insert—

“(7) If—

(a) the issuing company acquired all the shares (“old shares”) in another company (“the old company”) at a time when the only shares issued in the issuing company were subscriber shares, and

(b) the consideration for the old shares consisted wholly of the issue of shares in the issuing company,

references in sub-paragraph (3) to the issuing company include the old company.”

In paragraph 86(2) (substitution of new shares for old shares), after “Schedule”, in the first place it occurs, insert “(except paragraph 29(7))”.