(1) Section 500(5) shall not apply in respect of associates of an investor if the company and the investment comply with this section.
(2) At the time the shares concerned were issued -
(a) the qualifying company shall -
(i) be a micro-enterprise, within the meaning of Annex 1 of the General Block Exemption Regulation, and
(ii) exist solely for the purpose of carrying on a qualifying new venture,
(b) the qualifying company shall not -
(i) have commenced carrying on, or made preparations for the carrying on of, any trade or business more than 7 years prior to the share issue date, or
(ii) have any partner business or linked business.
(3) The maximum amount which a qualifying company may raise, in respect of which relief is only available pursuant to this section, is €500,000 in total in respect of the issue of eligible shares on or after 6 April 1984 (including relief granted under this Part as it stood enacted at any time before the commencement of section 23 of the Finance Act 2018
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