(1)In this Chapter “VCT-in-liquidation” means a company—
(a)that is being wound up (whether or not under the law of a part of the United Kingdom and whether under the law of one, or more than one, territory),
(b)that was a VCT immediately before the commencement of its winding up, and
(c)whose winding up is for genuine commercial reasons and is not part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
(2)Regulations may, for purposes of this Chapter, make provision as to when a company's winding up is to be treated as commencing or ending in a case where it is wound up otherwise than under the law of a part of the United Kingdom or otherwise than under the law of a single territory.