Investments may be in new shares, or in new debt instruments (ITA 2007, s. 257L(1)). There is a requirement that these investments must be the lowest-ranking of its type in the event of a winding up.

Shares must meet two conditions:

Condition A is that the shares must carry none of the following:

(a)a right to a return which, or any part of which, is a fixed amount;

(b)a right to a return which, or any part of which, is at a fixed rate;

(c)a right to a return which, or any part of which, is otherwise fixed by reference to the amount invested;

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