(1)If an event occurs that results in any VCT relief falling to be withdrawn or reduced, the individual by whom the relief was obtained must, within 60 days of coming to know of the event, give notice to an officer of Revenue and Customs containing particulars of the event.
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)If a company which is a VCT issues to any individual eligible shares to which section 261(4) applies, it must—
(a)at the time of the issue of those shares, give the individual a notice stating that the individual is not eligible for VCT relief by reference to those shares, and
(b)not later than 3 months after the issue of those shares, give a copy of that notice to an officer of Revenue and Customs.
(5)No obligation as to secrecy imposed by statute or otherwise prevents an officer of Revenue and Customs from disclosing to a VCT that VCT relief has been obtained by reference to a particular number or proportion of its shares.
Textual Amendments
F1S. 271(2)(3) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 47
(1)This section applies to VCT relief and relief for which the following provide—
(a)section 151A of TCGA 1992 (VCTs: reliefs),
(b)Schedule 5C to TCGA 1992 (VCTs: deferred charge on re-investment),
(c)Chapter 5 of Part 6 of ITTOIA 2005 (VCT dividends), and
(d)regulations under Chapter 5 of this Part.
(2)The Treasury may by regulations make such provision as they consider appropriate for—
(a)giving effect to relief to which this section applies, and
(b)preventing such relief from being given unless a claim is made in accordance with the regulations and such other requirements as may be imposed by the regulations have been met.
(3)Regulations under this section may make provision as to the manner in which, and the persons by whom, relief to which this section applies is to be claimed.
(1)In this Chapter “”, in relation to a company which is a VCT, means ordinary shares in the VCT which, throughout the period of 5 years beginning on the date on which they are issued, carry—
(a)no present or future preferential right to dividends or to a company's assets on its winding up, and
(b)no present or future right to be redeemed.
(2)In this Chapter references to a disposal of shares include references to a disposal of an interest or right in or over shares.