Schedule 6 - Seed enterprise investment scheme

Finance Bill – in a Public Bill Committee at 1:00 pm on 14th June 2012.

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Amendments made: 148, in schedule 6, page 211, line 14, leave out ‘in consequence’ and insert

‘, nor any money raised by the issue spent, in consequence or anticipation’.

Amendment 149, in schedule 6, page 211, leave out lines 17 to 27 and insert—

‘(a) the main purpose, or one of the main purposes, of the arrangements is to secure—

(i) that a qualifying business activity is or will be carried on by the issuing company or a qualifying 90% subsidiary of that company, and

(ii) that one or more persons (whether or not including any party to the arrangements) may obtain relevant tax relief in respect of shares issued by the issuing company which raise money for the purposes of that activity or that such shares may comprise part of the qualifying holdings of a VCT,

(aa) that activity is the relevant qualifying business activity,’.

Amendment 150, in schedule 6, page 211, line 33, leave out from ‘is’ to end of line 34 and insert

‘, in the course of the arrangements, paid to or for the benefit of a relevant person or relevant persons.’.

Amendment 151, in schedule 6, page 211, line 36, after ‘that’ insert

‘the whole or greater part of’.

Amendment 152, in schedule 6, page 211, line 38, leave out from ‘by’ to end of line 39 and insert

‘a relevant person or relevant persons.’.

Amendment 153, in schedule 6, page 212, line 6, at end insert—

‘“relevant person” means a person who is a party to the arrangements or a person connected with such a party;’.

Amendment 154, in schedule 6, page 248, leave out lines 20 and 21.

Amendment 155, in schedule 6, page 248, leave out lines 24 and 25.

Amendment 156, in schedule 6, page 258, line 20, at end insert—

“(1) Schedule 4 (index of defined expressions) is amended as follows.

(2) Insert the following entries at the appropriate places—

“arrangements (in Part 5A)

section 257HJ(1)”

“associate (in Part 5A)

section 257HJ(1)”

“bonus shares (in Part 5A)

section 257HJ(1)”

“compliance certificate (in Part 5A)

section 257EC(1)”

“compliance statement (in Part 5A)

section 257ED(1)”

“director (in Part 5A)

section 257HJ(1)”

“disposal of shares (in Part 5A)

section 257HH”

“EIS relief (in Part 5A)

section 257HJ(1)”

“group (in Part 5A)

section 257HJ(1)”

“group company (in Part 5A)

section 257HJ(1)”

“issue of shares (in Part 5A)

section 257HI”

“market value (in Part 5A)

section 257HJ(6)”

“new qualifying trade (in Part 5A)

section 257HF”

“ordinary shares (in Part 5A)

section 257HJ(1)”

“parent company (in Part 5A)

section 257HJ(1)”

“period A, period B (in Part 5A)

section 257AC”

“permanent establishment (in Part 5A)

section 257HJ(1)”

“qualifying business activity (in Part 5A)

section 257HG”

“qualifying subsidiary (in Part 5A)

section 257HJ(1)”

“qualifying 90% subsidiary (in Part 5A)

section 257HJ(1)”

“research and development (in Part 5A)

section 257HJ(1)”

“SEIS (in Part 5A)

section 257A(2)”

“single company (in Part 5A)

section 257HJ(1)”

(3) In the entry for “control”, in the second column, after “257(3),” insert “257HJ(3),”.’—(Mr Gauke.)

Schedule 6, as amended, agreed to.