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.