Section 257DK — Income Tax Act 2007: No previous other risk capital scheme investments

No previous other risk capital scheme investments 257DK 1 The requirement of this section is that—

a no EIS investment or VCT investment is or has been made in the issuing company on or before the day on which the relevant shares are issued, and b no EIS investment or VCT investment has been made on or before that day in a company which at the time the relevant shares are issued is a qualifying subsidiary of the issuing company.

2 An “ EIS investment” is made in the company if the company—

a issues shares (money having been subscribed for them),

and b (at any time) provides a compliance statement under section 205 in respect of the shares; and the EIS investment is regarded as made when the shares are issued.

3 A “ VCT investment” is made in the company if an investment (of any kind) in the company is made by a VCT.