Income Tax Act 2007 (c. 3)

Part 6 U.K. Venture capital trusts

Chapter 2 U.K. VCT relief

Entitlement to relief U.K.

263 Form and amount of relief U.K.

(1) An individual who—

(a) is entitled to claim VCT relief for a tax year, and

(b) claims such relief for the year on any amount,

is entitled to a tax reduction for the year.

(2) The tax reduction is equal to 30% of the amount in respect of which the claim is made.

(3) The tax reduction is given effect at Step 6 of the calculation in section 23.