SCHEDULES

SCHEDULE 33Venture capital trusts

Part 1Venture capital trusts: winding up

4Power to make provision about distributions by VCT-in-liquidation

1

Regulations may make provision for tax enactments specified by the regulations—

a

to apply in relation to distributions from a VCT-in-liquidation (including, in particular, distributions in the course of dissolving it or winding it up);

b

not to apply in relation to such distributions;

c

to apply in relation to such distributions with modifications specified by the regulations.

2

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

a

at any time during its winding-up, or

b

during periods of its winding-up specified by, or determined under, regulations.