EX 37B Share in grey list company acquired under venture investment agreement

A person’s rights in a FIF in an income year are not an attributing interest if—

(a)

the FIF is a grey list company; and

(b)

the person first acquires a share or option to buy a share in the company—

(i)

under a venture investment agreement; and

(ii)

at the same time and on the same terms as an acquisition of an interest in the FIF by the Venture Investment Fund or a company owned by the Venture Investment Fund.

Defined in this Act: attributing interest, company, FIF, grey list company, income year, share

Compare: 2004 No 35 s EX 37(4B)

Section EX 37B: inserted, on 1 April 2008, by section 389 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).