- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2013)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 01/04/2013.
There are currently no known outstanding effects for the Income Tax Act 2007, Section 264.
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(1)An individual is not entitled to VCT relief by reference to any shares (“the relevant shares”) if a linked loan is made by any person, at any time in the relevant period, to the individual or an associate of the individual.
(2)References in this section to the making by any person of a loan to an individual or any associate of the individual include references—
(a)to the giving by that person of any credit to the individual or any associate of the individual, and
(b)to the assignment to that person of any debt due from the individual or any associate of the individual.
(3)In this section—
“linked loan” means a loan which—
would not have been made, or
would not have been made on the same terms,
if the individual had not subscribed for the relevant shares or had not been proposing to do so,
“the relevant period”, in relation to VCT relief in respect of any shares in a company which is a VCT, means the period—
beginning with—
the incorporation of the company, or
if later, the date two years before the issue of the shares, and
ending immediately before the fifth anniversary of that issue.
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