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Finance Act 2002

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This is the original version (as it was originally enacted).

Power to facilitate disposals to VCT by VCT-in-liquidation

5(1)Regulations may make provision authorised by sub-paragraph (2) for cases where shares in or securities of a company are acquired by a venture capital trust (“the trust company”) from a VCT-in-liquidation.

(2)The provision that may be made under sub-paragraph (1) for such a case is—

(a)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 the trust company in relation to periods ending after the acquisition;

(b)provision for the shares or securities acquired to be treated, at times after the acquisition when they are held by the trust company, as meeting requirements of Schedule 28B to the Taxes Act 1988 (provisions for determining whether shares or securities held by a venture capital trust form part of its qualifying holdings);

(c)provision for shares in the trust company issued in connection with the acquisition of the shares or securities from the VCT-in-liquidation and either—

(i)issued to a person who is a member of the VCT-in-liquidation, or

(ii)issued to the VCT-in-liquidation and distributed by it in the course of its winding-up or dissolution to a person who is one of its members,

to be treated, for purposes of Schedule 5C to the Taxation of Chargeable Gains Act 1992 (c. 12), as representing shares in the VCT-in-liquidation held by that person.

(3)Provision under sub-paragraph (1) may be made so as to apply in relation to shares or securities acquired from a VCT-in-liquidation—

(a)at any time during its winding-up, or

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

(4)In this paragraph “securities” means any securities and includes any liability that is a security in relation to a company by reason of section 842AA(12)(a) of the Taxes Act 1988.

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