Finance Act 2003
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Chapter 3 Income Tax, Corporation Tax and Capital Gains Tax | ||
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Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act. |
15.—Part 16 of the Principal Act is amended— | |
(a) in section 494(2)(b), by substituting “sections 496(2)(a)(iv) and 496(2)(a)(xv)” for “section 496(2)(a)(iv)”, | ||
(b) in section 495(3)(a)(ii)(III), by inserting the following after “section 496(2)(a)(iv)”: | ||
“and, in the case of a company to which this clause applies, its business shall be regarded as having complied with the conditions of this clause throughout the relevant period (where, otherwise, it would not have done so) if it so complied for that part of the relevant period up to and including 31 December 2002”, | ||
(c) in section 496— | ||
(i) in subsection (2)(a)(ii)(III), by substituting “1979,” for “1979, or”, | ||
(ii) in subsection (2)(a)(ii)(IV)— | ||
(I) by inserting “and before the passing of the Finance Act 2003” after “6 April 2001”, and | ||
(II) by substituting “concerned, or” for “concerned,”, | ||
(iii) by inserting the following after subsection (2)(a)(ii)(IV): | ||
“(V) as respects a subscription for eligible shares issued on or after the passing of the Finance Act 2003, a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act 1995 ) has, in accordance with guidelines agreed between the board and the Minister for Enterprise, Trade and Employment, with the consent of the Minister for Finance, given a certificate certifying that the service industry is a qualifying service industry for the purposes of this section,”, | ||
(iv) in subsection (2)(a)(iv), by inserting the following after “(within the meaning of section 332)”: | ||
“and in the case of a relevant investment made on or before 31 December 2002, trading operations undertaken on or after 1 January 2003 on an exchange facility established in the Customs House Docks Area will be deemed to be relevant trading operations for the purposes of this section notwithstanding the expiry, in accordance with the provisions of section 446(2)(b), of the certificate given by the Minister for Finance under that subsection”, | ||
(v) by inserting the following after subsection (2)(a)(xiv): | ||
“(xv) in respect of a relevant investment made on or after 1 January 2003, the rendering of trading operations carried on for the purposes of or in connection with trading operations on an exchange facility established in the Custom House Docks Area (within the meaning of section 322),”, | ||
(vi) by deleting subsection (2)(b), and | ||
(vii) in subsection (4)(b)(III), by substituting “subsections (2)(a)(iv) and (2)(a)(xv)” for “subsection (2)(a)(iv)”, | ||
and | ||
(d) in section 497(4)(a), by substituting “sections 496(2)(a)(iv) and 496(2)(a)(xv)” for “section 496(2)(a)(iv)”. |