Part 6Venture capital trusts
Chapter 3VCT approvals
Giving of approval
275Alternative requirements for the giving of approval
1
This section applies if one or more of the conditions mentioned in section 274(2) are not met with respect to a company in relation to its most recent complete accounting period.
2
The Commissioners for Her Majesty's Revenue and Customs may still approve the company for the purposes of this Part if they are satisfied that the condition or conditions in question—
a
will be met in relation to the period mentioned in subsection (3), and
b
will continue to be met in relation to accounting periods following that period.
3
The period is—
a
in relation to the listing condition, the nature of income condition, the income retention condition and the 15% holding limit condition, the accounting period of the company which is current when the application for approval is made, or its next accounting period,
b
in relation to the 70% qualifying holdings condition and the F170% eligible shares condition, an accounting period of the company beginning no more than 3 years after the time when the approval is given or, if earlier, when the approval takes effect.