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3.—(1) Regulations 4 to 8 apply, subject to paragraphs (2) and (3), in the case of a VCT-in-liquidation –
(a)whose VCT approval has had effect for the continuous period of 3 years immediately preceding the commencement of its winding up, or
(b)which is being wound up by the court under section 122(1) of the Insolvency Act 1986 (other than under paragraph (a) of that provision) or under any corresponding local equivalent,
and which has given notice to the Board that a resolution has been passed, or a petition presented, to wind up the company, pursuant to regulation 8(1) of the Venture Capital Trust Regulations 1995(1).
(2) Where a company—
(a)on or after 6th April 2004 and before 6th April 2006, makes an issue of shares falling within the circumstances in section 842AA(5A)(a) and (b)(2) (that is, whether or not the company makes a further issue as mentioned in paragraph (c) of that provision), and
(b)has not made an issue of shares falling within those circumstances, before 6th April 2004,
the period in paragraph (1)(a) shall be 5 years.
(3) Paragraph (1) shall not apply to any VCT-in-liquidation which is, or has at any time been, a merging company (other than a successor company).
Subsection (5A) was inserted by section 75 of the Finance Act 1997 (c. 16), and amended by Paragraph 13 of Schedule 33 to the Finance Act 2002.
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