Statute
Section 174 — Income Tax Act 2007: The purpose of the issue requirement
Text of the provision Official document
The purpose of the issue requirement 174 1 The relevant shares (other than any of them which are bonus shares) must be issued in order to raise money for the purpose of a qualifying business activity so as to promote business growth and development .
2 For this purpose “ business growth and development ” means the growth and development of—
a if the issuing company is a single company, the business of that company, and b if the issuing company is a parent company, what would be the business of the group if the activities of the group companies taken together were regarded as one business.
Official source: legislation.gov.uk
There are no decisions in our collection citing this provision yet. As new judgments are published, they will appear here.
Search case law on this topic
See judgments from UK courts and tribunals with a plain-English summary and legal holding.
Explore case law →