Statute
Section 257CB — Income Tax Act 2007: The purpose of the issue requirement
Text of the provision Official document
The purpose of the issue requirement 257CB 1 The relevant shares (other than any of them which are bonus shares) must be issued in order to raise money for the purposes of a qualifying business activity carried on, or to be carried on, by the issuing company or a qualifying 90% subsidiary of that company.
2 For the meaning of “qualifying business activity” see section 257HG.
Official source: legislation.gov.uk
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