36 Enterprise investment scheme: approved investment fund as nominee
Finance Act 2020 (2020 c 14) | Legislation

Investments

36  Enterprise investment scheme: approved investment fund as nominee

(1)     Section 251 of ITA 2007 (EIS: approved investment fund as nominee) is amended as follows.

(2)     In subsection (1)—

(a)     in the opening words, for “Subsection (2) applies” substitute “This section applies”,

(b)     in paragraph (a), for “an approved fund” substitute “an approved knowledge-intensive fund”,

(c)     omit the “and” at the end of paragraph (b),

(d)     in paragraph (c), for “90%” substitute “50%”,

(e)     after that paragraph insert—

“(d)     the amounts which the managers have, as nominee for the individual, subscribed for shares issued within 24 months after the closing of the fund represent at least

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