The Finance Act 2012 (Venture Capital Trusts) (Appointed Day) Order 2012

Statutory Instruments

2012 No. 1901 (C. 75)

Income Tax

The Finance Act 2012 (Venture Capital Trusts) (Appointed Day) Order 2012

Made

18th July 2012

The Treasury make the following Order in exercise of the powers conferred by paragraph 20(1) of Schedule 8 to the Finance Act 2012(1).

Citation

1.  This Order may be cited as the Finance Act 2012 (Venture Capital Trusts) (Appointed Day) Order 2012.

Appointed Day

2.  19th July 2012 is appointed as the day on which the following provisions of Schedule 8 (Venture Capital Schemes) to the Finance Act 2012 come into force—

(a) paragraph 6(2) (increase in the maximum amount permitted to be raised annually);

(b) paragraph 8 (increase in the gross assets limits);

(c) paragraph 9 (relaxation of restriction on number of employees).

James Duddridge

Jeremy Wright

Two of the Lords Commissioners of Her Majesty’s Treasury

18th July 2012

EXPLANATORY NOTE

(This note is not part of the Order)

This Order appoints19th July 2012 as the day on which amendments made by paragraphs 6(2), 8 and 9 of Schedule 8 to the Finance Act 2012 come into force. Those amendments have effect in relation to shares and securities issued on or after 6^th April 2012 (see paragraph 20(2) of Schedule 8). Paragraphs 6(2), 8 and 9 raise the thresholds for eligible companies under the Venture Capital Trust scheme (one of the legislative schemes of tax relief known collectively as Venture Capital Schemes), by amending the relevant provisions of Part 6 of the Income Tax Act 2007 (c.3).

In line with government commitments, a Tax Information and Impact Note (TIIN) has not been prepared for this instrument as it gives effect to previously announced policy and it is an appointed day order. A TIIN covering paragraphs 6(2), 8 and 9 was published on 21^st March 2012 alongside the Budget and is available on the HMRC website at http://www.hmrc.gov.uk/budget2012/tiin-0606.htm. It remains an accurate summary of the impacts that apply to those paragraphs.

(1)

2012 c.14.