"541C.— (1) In this section—

‘ carried interest ', in relation to a relevant investment, means the share of profits (where the share ratio was agreed at the outset of the relevant investment) referred to in paragraph (b) of the definition of ‘total profits of an investment' that is received by a company or partnership in respect of the management of the relevant investment;

‘ carried interest to which this section applies ', in relation to a relevant investment, means an amount of carried interest which is not greater than 20 per cent of the total profits from the relevant investment;

‘ innovation activities ' means development of new technological, telecommunication, scientific or business processes;

‘ investor ', in relation to a relevant investment, means a person other than a person entitled to carried interest or a person connected with that person;

‘ relevant investment ' means an investment, which remains in place for at least 6 years, in unquoted shares or securities of a private trading company and that company is—

(a) carrying on a business set up and commenced on or after 1 January 2009, other than a business—

(i) which was previously carried on by another person and to which the company has succeeded,

(ii) the activities of which were previously carried on as part of another person's business, or

(iii) which is an excepted trade within the meaning of section 21A,

and