VCM33050 - SEIS: general requirements: meaning of 바카라 사이트˜qualifying business activity바카라 사이트™
ITA07/S257HG
The shares must be issued in order to raise money for the purpose of a 바카라 사이트˜qualifying business activity바카라 사이트™, and the money must be spent for the purpose of that activity.
The term 바카라 사이트˜qualifying business activity바카라 사이트™ covers the following:
- carrying on a new qualifying trade (see VCM34020),
- preparing to carry on a new qualifying trade,
- carrying on research and development, which must either be carried on when the shares are issued or be commenced immediately afterwards, and which the company intends should benefit or lead to a new qualifying trade.
The activity may be carried on either by the company issuing the shares or by a company which is, at the date of issue of the shares, a qualifying 90 percent subsidiary of that company. See VCM34040 for the meaning of 바카라 사이트˜qualifying 90 percent subsidiary바카라 사이트™.
Preparing to carry on a trade
바카라 사이트˜Preparing바카라 사이트™ to carry on a trade covers both the setting up of a new trade and the acquisition of an existing trade from its present owner.
Preparing to trade does not cover preliminary activities such as market research aimed at discovering whether a trade would be likely to succeed, or raising capital, neither does it cover research and development.
As regards the date when a company begins to carry on a trade, see BIM80500 onwards.
Research and development
바카라 사이트˜Research and development바카라 사이트™ is defined in accordance with its legislation at Income Tax Act 2007 Section1006, see CIRD81300 .