The Finance (No. 2) Act 2015 includes legislation that is intended to target EIS investment at companies that are at an early stage in their development, companies that need several rounds of tax-advantaged funding or companies whose activities are changing substantially. For shares issued on or after 18 November 2015, shares must be issued within an ‘initial investing period’, or alternatively one of condition A (allowing for further rounds of finance), condition B or condition C (allowing further investments to be made in order to enter a new product or geographical market) must be satisfied (ITA 2007, s. 175A(1)).

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