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Amendment of Part 16 of Principal Act (income tax relief for investment in corporate trades - employment and investment incentive and seed capital scheme)
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16. (1) Section 488 of the Principal Act is amended, in the definition of “associate”, by deleting “, except that the reference in paragraph (b) of that subsection to any relative of a participator shall be excluded from such meaning”.
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(2) Section 492 of the Principal Act is amended—
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(a) in subsection (4)—
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(i) by substituting “if the individual, or an associate of the individual,” for “if he or she”, and
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(ii) by substituting “to acquire any of” for “to acquire more than 30 per cent of”,
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(b) in subsection (6)(a)—
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(i) by substituting “if the individual, or an associate of the individual,” for “if he or she”, and
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(ii) by substituting “to receive any of” for “to receive more than 30 per cent of”,
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and
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(c) by substituting the following subsection for subsection (8):
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“(8) For the purposes of subsections (4) and (6)(a), no account shall be taken of—
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(a) shares in the company concerned which are held by the individual concerned where—
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(i) that individual was entitled to relief under this Part in respect of the acquisition of those shares, and
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(ii) that individual, or a person connected with that individual, does not at any time in the specified period control (within the meaning of section 432) the company concerned,
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or
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(b) shares subscribed for upon the formation of the company concerned where—
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(i) the company has issued no shares other than those subscribed for on formation, and
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(ii) the company has not yet commenced carrying on, or made preparations for the carrying on of, any trade or business.”.
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(3) This section shall have effect as respects shares issued on or after 2 November 2017.
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