ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL Conclusion
There appears to be no reason for section 842AA of ICTA to have two different definitions of “company” and “shares”.
Section 332 of this Act provides that the TCGA definition of “company” and “shares” applies in Part 6 (Venture capital trusts). That is a change because there is no such explicit provision in the source legislation.
Schedule 2 Part 8 (meaning of “company”, “shares” and “research and development” in Part 6) ensures that the change will not apply to any holding of investments of a particular description held by a company at the end of 5 April 2007. But the change will apply from any later time at which the holding of investments of that particular description ceases to be held by that company.