Income Tax Act 2007 (c. 3)

Part 6 U.K. Venture capital trusts

Chapter 3 U.K. VCT approvals

Giving of approval U.K.

[F1 280BA The minimum investment on further issue condition U.K.

(1) A company breaches the minimum investment on further issue condition where—

(a) there has been an issue of ordinary share capital of the company (“the first issue”),

(b) a VCT approval of the company has taken effect on or before the day of the making of the first issue,

(c) a further issue (“the further issue”) of ordinary share capital of the company has been made since the making of the first issue, and

(d) the company does not, on or before the relevant deadline, invest at least 30% of the money raised by the further issue in shares or securities which when held by the company are comprised in the company's qualifying holdings.

(2) The relevant deadline is the last day of the period of 12 months immediately following the end of the accounting period in which the further issue is made.]

Textual Amendments

F1 S. 280BA inserted (6.4.2018) by Finance Act 2018 (c. 3), Sch. 5 paras. 6, 13; S.I. 2018/931, reg. 4(c)