Citation

1. These Regulations may be cited as the Finance Act 2018, Section 14 and Schedules 4 and 5 (Commencement) Regulations 2018.

Commencement of Section 14(1) to (3) of the Finance Act 2018

2. The amendments made by section 14(1) to (3) of the Finance Act 2018(EIS, SEIS and VCT reliefs: risk to capital) come into force and have effect as follows—

(a) the amendments made by subsections (1) and (2) have effect for shares issued on or after 15 March 2018; and

(b) the amendments made by subsection (3) have effect for shares or securities issued on or after 15 March 2018.

Commencement of Paragraphs 1 to 9 of Schedule 4 to the Finance Act 2018

3. The amendments made by paragraphs 1 to 9 of Schedule 4 to the Finance Act 2018(EIS and VCT reliefs: knowledge-intensive companies) come into force and have effect as follows—

(a) the amendments made by paragraphs 1, 2, 5 and 6 have effect for shares issued on or after 6 April 2018; and

(b) the amendments made by paragraphs 3, 4 and 7 to 9 have effect for investments made on or after 6 April 2018.

Commencement of Paragraphs 2 to 11 of Schedule 5 to the Finance Act 2018

4. The amendments made by paragraphs 2 to 11 of Schedule 5 to the Finance Act 2018(venture capital trusts: further amendments) come into force and have effect as follows—

(a) the amendments made by paragraphs 2 and 3 have effect in relation to accounting periods beginning on or after 6 April 2019;

(b) the amendments made by paragraph 4 have effect in relation to disposals made on or after 6 April 2019;

(c) the amendments made by paragraphs 5 and 6 have effect in relation to money raised by a further issue that is made in an accounting period beginning on or after 6 April 2018;

(d) the amendments made by paragraph 7 have effect for loans made on or after 15 March 2018; and

(e) the amendments made by paragraphs 8 to 11 have effect from 6 April 2018.

5. For the purposes of regulation 4(d), a loan is made on the day on which the amount lent, or (as the case may be) the first day on which any part of the amount lent, is paid or made available to the company.