Income Tax Act 2007 (c. 3)

Part 6 U.K. Venture capital trusts

Chapter 5 U.K. Powers: winding up and mergers of VCTs

Winding up U.K.

314 Power to treat VCT-in-liquidation as VCT U.K.

(1) Regulations may make provision for tax enactments specified by the regulations to have effect as if—

(a) a VCT-in-liquidation that is not a VCT were, or were during any prescribed period of its winding up, a VCT,

(b) VCT approval withdrawn from a company—

(i) at any time during the period when it is a VCT-in-liquidation, or

(ii) at any time during a prescribed part of that period,

were withdrawn at a prescribed time (and not at the time when it is actually withdrawn).

(2) In this section “prescribed” means specified by, or determined under, regulations.