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The Venture Capital Trust Regulations 1995
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General
Scheme of relief in respect of distributions
10.—(1) Relief from income tax in respect of a distribution by a trust company shall not be given except where the trust company—
(a)has complied with the requirements imposed by regulations 11 and 14, and
(b)has made a claim in accordance with this Chapter.
(2) Where a trust company has complied with the requirements imposed by regulations 11 and 14 and has made a claim in accordance with this Chapter, a tax credit to which an investor is entitled in respect of a distribution by the trust company shall not be set against income tax but shall be claimed by and paid to the trust company.
(3) Where a tax credit has been claimed by and paid to a trust company pursuant to paragraph (2) above, an amount equal to the tax credit shall be paid by the trust company to the person who is entitled to receive the distribution.
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