Section 257HJ | Minor definitions ^F1

(1)In this Part—^F1

“arrangements” includes any scheme, agreement, understanding, transaction or series of transactions (whether or not legally enforceable);

“associate” has the same meaning as in Part 5 (see section 253);

“bonus shares” means shares which are issued otherwise than for payment (whether in cash or otherwise);

“director” is read in accordance with section 452 of CTA 2010;

“EIS relief” means relief under Part 5;

“group” means a parent company and its qualifying subsidiaries;

“group company”, in relation to a group, means the parent company or any of its qualifying subsidiaries;

“ordinary shares” means shares forming part of a company's ordinary share capital;

“parent company” means a company that has one or more qualifying subsidiaries, and “single company” means a company that does not;

“permanent establishment” has the same meaning as in Part 5 (see section 191A);

“qualifying subsidiary” has the same meaning as in Part 5 (see section 191);

“qualifying 90% subsidiary” has the same meaning as in Part 5 (see section 190);

“research and development” has the meaning given by section 1006.

(2)Section 252 (meaning of a company being “in administration” or “in receivership”) applies for the purposes of this Part.^F1

(3)Section 995 (control) does not apply for the purposes of the following provisions—^F1

(a)section 257DG(1)(a),^F1

(b)section 257FP,^F1

(c)section 257FQ,^F1

(d)section 257GH(4);^F1

and in those provisions “control” is to be read in accordance with sections 450 and 451 of CTA 2010.

(4)In this Part—^F1

(a)references in any provision to the reduction of any SEIS relief attributable to any shares include a reference—^F1

(i)to the reduction of the relief to nil, and^F1

(ii)if no relief has yet been obtained, to the reduction of the amount which apart from that provision would be the SEIS relief, and^F1

(b)references to the withdrawal of SEIS relief in respect of any shares are—^F1

(i)to the withdrawal of the SEIS relief attributable to those shares, or^F1

(ii)if no relief has yet been obtained, to ceasing to be eligible for SEIS relief in respect of those shares.^F1

(5)For the purposes of this Part shares in a company are not treated as being of the same class unless they would be so treated if dealt in on a recognised stock exchange.^F1

(6)For the purposes of this Part the market value at any time of any asset is the price which it might reasonably be expected to fetch on a sale at that time in the open market free from any interest or right which exists by way of security in or over it.^F1

(7)In this Part—^F1

(a)references to SEIS relief obtained by an individual in respect of any shares include a reference to SEIS relief obtained by the individual in respect of those shares at any time after the individual has disposed of them, and^F1

(b)references to the withdrawal or reduction of SEIS relief obtained by an individual in respect of any shares include a reference to the withdrawal or reduction of SEIS relief obtained by the individual in respect of those shares at any time.^F1

(8)In the case of requirements that cannot be met until a future date, references in this Part to requirements being met for the time being are to nothing having occurred to prevent their being met.^F1