Statutory Instrument 1990 No. 862

The Business Expansion Scheme (Substitution of Permitted Maximum Amount) Order 1990

---

© Crown Copyright 1990

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Business Expansion Scheme (Substitution of Permitted Maximum Amount) Order 1990, ISBN 0110038622. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1990 No. 862

INCOME TAX

The Business Expansion Scheme (Substitution of Permitted Maximum Amount) Order 1990

The Treasury, in exercise of the powers conferred on them by section 290A(9) of the Income and Corporation Taxes Act 1988^[1], hereby make the following Order:

Citation and commencement
    1.    This Order may be cited as the Business Expansion Scheme (Substitution of Permitted Maximum Amount) Order 1990 and shall come into force on 1st May 1990.

Introductory
    2.    Article 3 of this Order amends section 290A of the Income and Corporation Taxes Act 1988 by substituting different amounts for the amounts specified in subsections (1) and (4) of that section.

Amendments to section 290A of the Income and Corporation Taxes Act 1988
    3.    In section 290A of the Income and Corporation Taxes Act 1988—
 (a) in subsection (1)(b) for "£500,000" there shall be substituted "£750,000"; and
 (b) in subsection (4)(b) for "£500,000" there shall be substituted "£750,000", in both places.

John Taylor

David Lightbown

Two of the Lords Commissioners of Her Majesty's Treasury

4th April 1990

This Order, with effect from 1st May 1990, increases from £500,000 to £750,000 the amount which may be raised through the Business Expansion Scheme by the issue of eligible shares in the period of six months ending with the date of issue of the shares or since the previous 6th April, whichever is longer. The increase in the BES limit applies to share issues made by companies carrying on most qualifying trades, research and development or oil exploration. (Different limits apply to companies operating or chartering certain ships and to companies providing private rented housing, which are not affected by this Order.)

The Business Expansion Scheme provides income tax and capital gains tax relief on eligible shares issued by qualifying companies to individual investors.

[1] 1988 c. 1; section 290A was inserted by section 51(1)(b) of the Finance Act 1988 (c. 39). The section was modified for purposes not relevant to this Order by section 50 of, and paragraph 3 of Schedule 4 to, that Act. back