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Enterprise incentives |
| Enterprise management incentives. |
61. Schedule 14 to this Act (enterprise management incentives) has effect in relation to any right to acquire shares granted after the passing of this Act.
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| Corporate venturing scheme. |
62. - (1) Schedule 15 to this Act (which makes provision for the corporate venturing scheme) has effect.
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(2) Schedule 16 to this Act (which makes consequential amendments) has effect.
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(3) Paragraph 3(2)(a)(i) to (iii) and (3) of Schedule 16 (and paragraph 3(1) so far as it relates to those provisions) have effect-
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(a) in relation to claims made under section 573 of the Taxes Act 1988, in respect of disposals on or after 1st April 2000, and |
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(b) in relation to claims made under section 574 of that Act, in respect of disposals on or after 6th April 2000. |
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(4) Subject to that, Schedules 15 and 16 apply in relation to shares issued on or after 1st April 2000 but before 1st April 2010.
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| Enterprise investment scheme: amendments. |
63. The provisions relating to the enterprise investment scheme are amended in accordance with Schedule 17 to this Act.
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In that Schedule-
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Part I makes amendments reducing various periods which apply in relation to the provisions which determine the reliefs under the scheme; |
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Part II makes amendments about qualifying companies; |
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Part III makes other minor amendments. |
| Venture capital trusts: amendments. |
64. The provisions relating to venture capital trusts are amended in accordance with Schedule 18 to this Act.
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In that Schedule-
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Part I makes amendments reducing various periods which apply in relation to the provisions which determine the reliefs; and |
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Part II makes amendments about qualifying holdings. |
| Taper relief: taper for business assets. |
65. - (1) Section 2A of the Taxation of Chargeable Gains Act 1992 (taper relief) is amended as follows.
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(2) In subsection (5), for the first two columns of the table (which relate to gains on disposals of business assets) substitute-
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| Gains on disposals of business assets |
Number of whole years in qualifying holding period |
Percentage of gain chargeable |
1 |
87.5 |
2 |
75 |
3 |
50 |
4 or more |
25 |
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(3) For subsections (8) and (9) substitute-
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"(8) The qualifying holding period of an asset for the purposes of this section is-
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(a) in the case of a business asset, the period after 5th April 1998 for which the asset had been held at the time of its disposal; |
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(b) in the case of a non-business asset where- |
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(i) the time which, for the purposes of paragraph 2 of Schedule A1, is the time when the asset is taken to have been acquired by the person making the disposal is a time before 17th March 1998, and
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(ii) there is no period which by virtue of paragraph 11 or 12 of that Schedule does not count for the purposes of taper relief,
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the period mentioned in paragraph (a) plus one year; |
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(c) in the case of any other non-business asset, the period mentioned in paragraph (a). |
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This subsection is subject to paragraph 2(4) of Schedule A1 and paragraph 3 of Schedule 5BA.".
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(4) This section applies to disposals on or after 6th April 2000.
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