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The Venture Capital Trust (Amendment) Regulations 2016

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EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Venture Capital Trust Regulations 1995 (S.I. 1995/1979) (“the VCT Regulations”) to require a venture capital trust (VCT) to include additional information about the VCT and its investments in the annual return to HMRC relating to accounting periods ending on or after 31st December 2016. The additional information requirements apply in respect of the entire accounting period.

Regulation 3 inserts into regulation 22 of the VCT Regulations new information requirements about the VCT and details of its investments. This regulation also corrects a minor error in relation to filing dates in regulation 22(3) of the VCT Regulations. Regulation 4 inserts new regulation 22A into the VCT Regulations, which requires the annual return of a VCT that meets the conditions in that regulation to include details of its use of money raised in the period from 6th April 1995 to 5th April 2008. Regulation 5 increases the time for which a VCT must keep records under regulation 23 of the VCT Regulations from six years to ten years.

A Tax Information and Impact Note covering this instrument will be published on the website at.https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins

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