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 F280% 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.