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The shares or securities will only be a qualifying holding if the money raised by the issue is wholly employed or intended to be employed within a specified time:

1. Ìý

   •ÌýÌýÌýÌý for the purpose of a relevant qualifying activity of the relevant company or a qualifying 90% subsidiary (see E3.252), or¹

2. Ìý

   •ÌýÌýÌýÌý in preparing for the carrying on of such a trade²

For shares issued on or after 18 November 2015, using money to acquire an existing trade, or part of a trade, is not regarded as being employed for the purposes of a qualifying business activity. This applies if the acquisition is executed by buying the company carrying on the trade, or buying the trade itself, or the intangible assets or goodwill of the trade³.

Prior to 18 November 2015 (and after 6 April 2012) the restriction was simply that the money must not be used to buy shares or stock in a company, although this restriction did not apply to money raised by a pre