Part 6Venture capital trusts
Chapter 4Qualifying holdings
The requirements
295The unquoted status requirement
1
The requirement of this section is that the relevant company must be an unquoted company.
2
In this section “unquoted company” means a company none of whose shares, stocks, debentures or other securities are marketed to the general public.
3
For the purposes of subsection (2), shares, stocks, debentures or other securities are marketed to the general public if they are—
a
listed on F1a recognised stock exchange,
b
listed on a designated exchange in a country outside the United Kingdom, or
c
dealt in F2... outside the United Kingdom by such means as may be designated.
4
In subsection (3)(b) and (c) “designated” means designated by an order made by the Commissioners for Her Majesty's Revenue and Customs for the purposes of that provision.
5
An order made for the purposes of subsection (3)(b) may designate an exchange by name, or by reference to any class or description of exchanges, including a class or description framed by reference to any authority or approval given in a country outside the United Kingdom.
6
If—
a
any shares in or securities of a company are included in the qualifying holdings of the investing company, and
b
that company ceases to be an unquoted company at any time while the investing company is approved as a VCT,
the requirements of this section are to be treated, in relation to shares or securities acquired before that time, as continuing to be met for a period of 5 years after that time.