Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 278 — Conditions relating to value of investments: general
Conditions relating to value of investments: general 278 1 This section and section 279 apply for the purposes of the 15% holding limit condition, the 80% qualifying holdings condition and the 70%…
Section 279 — Conditions relating to value of investments: qualifying holdings
Conditions relating to value of investments: qualifying holdings 279 1 If— a any shares (“new shares”) are exchanged for other shares (“old shares”) under arrangements in relation to which section…
Section 280 — Conditions relating to qualifying holdings and eligible shares
Conditions relating to qualifying holdings and eligible shares 280 1 Subsection (2) applies, subject to any regulations under subsection (3), if— a there has been an issue of ordinary share capital…
Section 280A — The 80% qualifying holdings condition: disposal of holding
The 80% qualifying holdings condition: disposal of holding 280A 1 This section applies if— a a company which is a VCT disposes of shares or securities (“the holding”), b the consideration for the…
Section 280BA — The minimum investment on further issue condition
The minimum investment on further issue condition 280BA 1 A company breaches the minimum investment on further issue condition where— a there has been an issue of ordinary share capital of the…
Section 280B — The investment limits condition
The investment limits condition 280B 1 This section applies for the purposes of the investment limits condition. 2 Where a company (“the investor”) makes an investment (“the current investment”) in…
Section 280C — The permitted maximum age condition
The permitted maximum age condition 280C 1 This section applies for the purposes of the permitted maximum age condition. 2 Where a company makes an investment in another company (“ the relevant…
Section 280D — The no business acquisition condition
The no business acquisition condition 280D 1 This section applies for the purposes of the no business acquisition condition. 2 Where a company makes an investment in another company (“ the relevant…
Section 281 — Withdrawal of VCT approval of a company
Withdrawal of VCT approval of a company 281 1 The Commissioners for Her Majesty's Revenue and Customs (“ the Commissioners ”) may withdraw the VCT approval of a company if at any time it appears to…
Section 282 — Withdrawal of VCT approval in cases for which provision made under section 280(3)
Withdrawal of VCT approval in cases for which provision made under section 280(3) 282 1 The Treasury may by regulations make provision for withdrawal of VCT approval of a company to be treated— a in…
Section 283 — Time as from which VCT approval has effect
Time as from which VCT approval has effect 283 1 A VCT approval has effect as from the time specified in the approval. 2 That time, if it falls before the time when the VCT approval is given, must be…
Section 284 — Power to make regulations as to procedure
Power to make regulations as to procedure 284 1 Regulations under section 272 may make provision— a as to the making of applications for VCT approvals and otherwise as to the procedure to be followed…
Section 285 — Interpretation of Chapter
Interpretation of Chapter 285 1 Chapter 4 has effect for interpreting references in this Chapter to a “qualifying holding”. 2 In this Chapter and the following Chapters of this Part “ securities ”,…
Section 285A — European Economic Interest Groupings
European Economic Interest Groupings 285A 1 The following rules about European Economic Interest Groupings apply for the purposes of charging tax in respect of chargeable gains— Rule 1 A grouping is…
Section 286 — Qualifying holdings: introduction
Qualifying holdings: introduction 286 1 If any shares in or securities of any company (“ the relevant company ”) are at any time held by another company (“the investing company”), this Chapter…
Section 286A — The UK permanent establishment requirement
The UK permanent establishment requirement 286A The requirement of this section, at any time on or after the issue of the relevant holding, is that the relevant company has a permanent establishment…
Section 286ZA — The risk-to-capital requirement
The risk-to-capital requirement 286ZA 1 The requirement of this section is that, having regard to all the circumstances existing at the time of the issue of the relevant holding, it would be…
Section 286B — The financial health requirement
The financial health requirement 286B 1 The requirement of this section is that the relevant company is not, at the time of the issue of the relevant holding, in difficulty. 2 The relevant company is…
Section 287 — The maximum qualifying investment requirement
The maximum qualifying investment requirement 287 1 The requirement of this section is that , if the condition in subsection (1A) is met, the relevant holding did not, when it was issued, represent…
Section 288 — The no guaranteed loan requirement
The no guaranteed loan requirement 288 1 The requirement of this section is that there are no securities relating to a guaranteed loan in the relevant holding. 2 For the purposes of this section, a…
Section 289 — The proportion of eligible shares requirement
The proportion of eligible shares requirement 289 1 The requirement of this section is that eligible shares represent at least 10% by value of the totality of the shares in or securities of the…
Section 290 — The trading requirement
The trading requirement 290 1 The requirement of this section is that— a the relevant company, ignoring any incidental purposes, exists wholly for the purpose of carrying on one or more qualifying…
Section 291 — The carrying on of a qualifying activity requirement
The carrying on of a qualifying activity requirement 291 1 The requirement of this section, at any time on or after the issue of the relevant holding, is that a qualifying company (whether or not the…
Section 292 — Ceasing to meet requirements because of administration or receivership
Ceasing to meet requirements because of administration or receivership 292 1 A company is not regarded as ceasing to meet the requirement of section 290 or 291 merely because of anything done in…
Section 292A — The maximum amount raised annually through risk finance investments requirement
The maximum amount raised annually through risk finance investments requirement 292A 1 The total amount of relevant investments made in the relevant company in the year ending with the date the…
Section 292AA — Maximum risk finance investments when relevant holding is issued requirement
Maximum risk finance investments when relevant holding is issued requirement 292AA 1 The total amount of relevant investments made in the relevant company on or before the investment date must not…
Section 292AB — Maximum risk finance investments during the 5-year post-investment period requirement
Maximum risk finance investments during the 5-year post-investment period requirement 292AB 1 The requirement of this section applies if condition A or B is met. 2 Condition A is that— a a company…
Section 292B — The spending of money raised by SEIS investment requirement
The spending of money raised by SEIS investment requirement 292B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 293 — The use of the money raised requirement
The use of the money raised requirement 293 1 A requirement of this section is that— a less than two years has passed since the trading time, or b at least two years has passed since the trading time…
Section 294 — The relevant company to carry on the relevant qualifying activity requirement
The relevant company to carry on the relevant qualifying activity requirement 294 1 The requirement of this section is met if, at no time after the issue of the relevant holding, has the relevant…
Section 294A — The permitted company age requirement
The permitted company age requirement 294A 1 The requirement of this section is that, if the relevant holding is issued after the initial investing period, condition A, B or C must be met. 2 “ The…
Section 295 — The unquoted status requirement
The unquoted status requirement 295 1 The requirement of this section is that the relevant company must be an unquoted company. 2 In this section “ unquoted company ” means a company none of whose…
Section 296 — The control and independence requirement
The control and independence requirement 296 1 The control element of the requirement is that— a the relevant company must not control (whether on its own or together with any person connected with…
Section 297 — The gross assets requirement
The gross assets requirement 297 A1 The requirement of this section in the case of a relevant company that is a single company and not a specified Northern Ireland company is that the value of the…
Section 297A — The number of employees requirement
The number of employees requirement 297A 1 If the relevant company is a single company, the full-time equivalent employee number for it must be less than the permitted limit when the relevant holding…
Section 297B — The proportion of skilled employees requirement
The proportion of skilled employees requirement 297B 1 The requirement of this section is that, where the conditions in subsection (2) are met, at all times in the period of 3 years beginning with…
Section 298 — The qualifying subsidiaries requirement
The qualifying subsidiaries requirement 298 Any subsidiary that the relevant company has must be a qualifying subsidiary of the company.
Section 299 — The property managing subsidiaries requirement
The property managing subsidiaries requirement 299 1 Any property managing subsidiary that the relevant company has must be a qualifying 90% subsidiary of the company. 2 “ Property managing…
Section 299A — The no disqualifying arrangements requirement
The no disqualifying arrangements requirement 299A 1 The relevant holding must not have been issued, nor any money raised by the issue employed, in consequence or anticipation of, or otherwise in…
Section 300 — Meaning of “qualifying trade”
Meaning of “qualifying trade” 300 1 For the purposes of this Chapter, a trade is a qualifying trade if— a it is conducted on a commercial basis and with a view to the realisation of profits, and b it…
Section 301 — Meaning of “qualifying 90% subsidiary”
Meaning of “qualifying 90% subsidiary” 301 1 For the purposes of this Chapter, a company (“the subsidiary”) is a qualifying 90% subsidiary of the relevant company at any time when the following…
Section 302 — Meaning of “qualifying subsidiary”
Meaning of “qualifying subsidiary” 302 1 For the purposes of this Chapter, a company (“the subsidiary”) is a qualifying subsidiary of the relevant company if the following conditions are met. 2 The…
Section 302A — Meaning of “permanent establishment”
Meaning of “permanent establishment” 302A 1 This section applies for the purposes of this Chapter. 2 A company has a “permanent establishment” in the United Kingdom if (and only if)— a it has a fixed…
Section 303 — Meaning of “excluded activities”
Meaning of “excluded activities” 303 1 The following are excluded activities for the purposes of sections 290 and 300— a dealing in land, in commodities or futures or in shares, securities or other…
Section 304 — Excluded activities: wholesale and retail distribution
Excluded activities: wholesale and retail distribution 304 1 This section supplements section 303(1)(b). 2 In this section— a subsections (3) and (4) are for determining whether a trade is a trade of…
Section 305 — Excluded activities: leasing of ships
Excluded activities: leasing of ships 305 1 This section supplements section 303(1)(d) so far as it relates to the leasing of ships other than offshore installations or pleasure craft. 2 In the…
Section 306 — Excluded activities: receipt of royalties and licence fees
Excluded activities: receipt of royalties and licence fees 306 1 This section supplements section 303(1)(e) (receipt of royalties and licence fees). 2 If the requirement of subsection (3) is met, a…
Section 307 — Excluded activities: property development
Excluded activities: property development 307 1 This section supplements section 303(1)(g). 2 “ Property development ” means the development of land— a by a company which has, or at any time has had,…
Section 307A — Excluded activities: shipbuilding
Excluded activities: shipbuilding 307A In section 303(1)(ia) “ shipbuilding ” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal…
Section 307B — Excluded activities: producing coal
Excluded activities: producing coal 307B 1 This section supplements section 303(1)(ib). 2 “ Coal ” has the meaning given by Article 2 of Council Regulation ( EC ) No. 1407/2002 (state aid to coal…