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Income Tax Act 2007
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315Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation
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(1)Regulations may make provision for conditions mentioned in section 274(2) (conditions for approval as a VCT) to be treated for the purposes of section 274(1) as met, or as conditions that will be met, with respect to a VCT-in-liquidation.
(2)Provision under subsection (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purposes of tax enactments specified by the regulations, make provision for VCT approval to be treated as having been withdrawn, with effect from a time specified by or determined under the regulations, from a VCT-in-liquidation from which the Commissioners for Her Majesty’s Revenue and Customs would have power to withdraw such approval but for provision made under subsection (1).
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