Section 42 | Enterprise investment scheme: amount of relief

(1)Part 5 of ITA 2007 (enterprise investment scheme) is amended in accordance with subsections (2) to (4).

(2)In section 158 (form and amount of EIS relief), in subsection (2A) for “20%” substitute “ 30% ”.

(3)In the following provisions for “EIS rate” substitute “ EIS original rate ”

(a)section 209(3);

(b)section 210(1)(b);

(c)section 213(2);

(d)section 220(1)(b);

(e)section 224(2);

(f)section 229(1)(b).

(4)After section 256 insert—

256AMeaning of “the EIS original rate”

(5)In Schedule 4 to that Act (index of defined expressions), at the appropriate place insert—

(6)This section comes into force on such day as the Treasury may by order appoint.

(7)The amendments made by this section have effect in relation to the tax year 2011-12 and subsequent tax years.

(8)But where the EIS relief attributable to shares was obtained for the tax year 2007-08 or an earlier tax year, the references to the EIS original rate in the provisions mentioned in paragraph (a) to (f) of subsection (3) are to be read as references to 20%.