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The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004
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- UK Statutory Instruments
- 2004 No. 2199
- Regulation 6
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Winding up of Venture Capital Trusts
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6.—(1) Sections 151A(1) (excepting subsection (3)) and 151B(1) of the 1992 Act shall have effect as follows.
(2) During the VCT-in-liquidation’s prescribed winding-up period those provisions shall have effect as if–
(a)the conditions in section 842AA(2) were fulfilled, and
(b)the VCT-in-liquidation, if not otherwise a venture capital trust, were so treated.
(3) At the end of the prescribed winding-up period, if–
(a)the VCT-in-liquidation is still in existence, and
(b)the conditions in section 842AA(2) are not fulfilled immediately following the end of that period,
VCT approval shall be treated, for the purposes of sections 151A(1) and 151B(6) and (7), as having been withdrawn from the VCT-in-liquidation immediately following the end of that period.
(1)
Sections 151A and 151B were inserted by section 72(3) of the Finance Act 1995.
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