Schedule 15 - Enterprise investment scheme: amendments
Finance Bill
4:30 pm
Mr Howard Flight (Arundel and South Downs, Conservative)
I beg to move amendment No. 24, in page 156, line 35 at end insert
`(and for these purposes an amount is significant in relation to the amount subscribed by an individual if it does not exceed 5 per cent. of the amount subscribed by them)'.
The amendment arises from Government changes that start by being helpful in clarifying uncertainty about what is regarded as an insignificant return of value to an investor. However, the clarification itself contains an uncertainty in that it exempts value received below £1,000 or a level that is insignificant in relation to values subscribed without stating what the second test is. The amendment proposes the test of not exceeding 5 per cent. of the amount subscribed.