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Contents

Legislation
Income Tax Act 2007

Crossheading The requirements

  • Section 257CA The shares requirement
  • Section 257CB The purpose of the issue requirement
  • Section 257CC The spending of the money raised requirement
  • Section 257CD The no pre-arranged exits requirement
  • Section 257CE The no tax avoidance requirement
  • Section 257CF The no disqualifying arrangements requirement
  1. The requirements
  2. The purpose of the issue requirement

Section 257CB | The purpose of the issue requirement

From legislation.gov.uk

(1)The relevant shares (other than any of them which are bonus shares) must be issued in order to raise money for the purposes of a qualifying business activity carried on, or to be carried on, by the issuing company or a qualifying 90% subsidiary of that company.

(2)For the meaning of “qualifying business activity” see section 257HG.

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