In relation to shares issued on or after 18 November 2015 (the date of Royal Assent to F(No. 2)A 2015), the total amount of relevant investments made in the issuing company in the year ending with the issue of the relevant holding must not exceed £5m. Changes have also been introduced to ensure that, as well as relevant investments made by the issuing company and its subsidiaries, relevant investments in companies that became subsidiaries or in trades that the issuing company or one of its subsidiaries acquired are also taken into account.

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