Overview Part 7: Enterprise investment scheme
3371.Part 5 of this Act deals with the enterprise investment scheme (EIS). It has effect only in relation to shares issued on or after 6 April 2007. See the commentary on section 1034(3). One of the effects of section 1034(3) is that the Changes in Annex 1 relating to sections in Part 5 apply only to shares issued on or after 6 April 2007. There is an exception in the case of Change 56. See the consequential amendment to section 312(2A) of ICTA, explained in the commentary on that section in Schedule 1.
3372.Also since the ICTA provisions will not be repealed for shares issued before 6 April 2007 there is no need for transitional provisions in the case of most Finance Act amendments made to EIS. But there is an exception in the case of the FA 2006 amendment to the gross assets requirement, as noted below.