Part III Income Tax, Corporation Tax and Capital Gains Tax
Venture capital trusts
70 Relief on distributions.
1
In Schedule 15B to the Taxes Act 1988 (VCTs: relief from income tax), in paragraph 7 (relief on distributions), in sub-paragraph (3)(a), after “trust,” there shall be inserted—
ia
were so acquired for bona fide commercial purposes and not as part of a scheme or arrangement the main purpose of which, or one of the main purposes of which, is the avoidance of tax,
2
This section applies in relation to shares acquired on or after 9th March 1999.