Income Tax Act 2007 (c. 3)

Part 6 U.K. Venture capital trusts

Chapter 2 U.K. VCT relief

Loss of relief U.K.

270 Assessment on withdrawal or reduction of relief U.K.

(1) An assessment for withdrawing or reducing VCT relief under any of sections 266 to 269 must be made for the tax year for which the relief was obtained[F1 , and may be made at any time not more than 6 years after the end of that tax year].

(2) No assessment for withdrawing or reducing VCT relief obtained by reference to shares issued to any individual may be made because of any event occurring after the individual's death.

Textual Amendments

F1 Words in s. 270(1) inserted (with effect in accordance with Sch. 10 para. 1(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 10 para. 1(1)