Winding up of Venture Capital Trusts6.

(1)

Sections 151A11 (excepting subsection (3)) and 151B11 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  • VCT approval shall be treated, for the purposes of sections 151A(1) and 151B(6) and (7), as having been withdrawn from the VCT-in-liquidation immediately following the end of that period.