Part 6Venture capital trusts

Chapter 2VCT relief

Entitlement to relief

263Form and amount of relief

1

An individual who—

a

is entitled to claim VCT relief for a tax year, and

b

claims such relief for the year on any amount,

is entitled to a tax reduction for the year.

2

The tax reduction is equal to 30% of the amount in respect of which the claim is made.

3

The tax reduction is given effect at Step 6 of the calculation in section 23.