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Finance Act 2002

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This is the original version (as it was originally enacted).

Power to treat conditions for VCT approval as fulfilled with respect to VCT-in-liquidation

3(1)Regulations may make provision for conditions specified in section 842AA(2) of the Taxes Act 1988 (conditions for approval as a VCT) to be treated for purposes of section 842AA(2) and (3) of that Act as fulfilled, or as conditions that will be fulfilled, with respect to a VCT-in-liquidation.

(2)Provision under sub-paragraph (1) may be made so as to apply in relation to a VCT-in-liquidation—

(a)throughout its winding-up, or

(b)during prescribed periods of its winding-up.

(3)Regulations may, for purposes of tax enactments specified by the regulations, make provision for VCT approval to be treated as having been withdrawn, with effect as from a time specified by or determined under the regulations, from a VCT-in-liquidation from whom the Board would have power to withdraw such approval but for provision made under sub-paragraph (1).

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