Part 6Venture capital trusts
Chapter 4Qualifying holdings
The requirements
292AF1The maximum amount raised annually through risk capital schemes requirement
1
The total amount of relevant investments made in the relevant company in the year ending with the date the relevant holding is issued must not exceed £2 million.
2
In subsection (1), the reference to relevant investments made in the relevant company includes relevant investments made in any company that is, or has at any time in the year mentioned there been, a subsidiary of the relevant company (whether or not it was such a subsidiary when the investment was made).
3
A “relevant investment” is made in a company if—
a
an investment (of any kind) in the company is made by a VCT, or
b
the company issues shares (money having been subscribed for them), and (at any time) the company provides—
i
a compliance statement under section 205 (enterprise investment scheme), or
ii
a compliance statement under paragraph 42 of Schedule 15 to FA 2000 (corporate venturing scheme),
in respect of the shares.
4
For the purposes of subsections (1) and (2), an investment within subsection (3)(b) is regarded as made when the shares are issued.
5
Subsection (6) applies if, by virtue of the provision of a compliance statement under section 205 above or paragraph 42 of Schedule 15 to FA 2000, the requirement of this section is not met.
6
The requirement is to be treated as having been met throughout the period—
a
beginning with the time the relevant holding was issued, and
b
ending with the time the compliance statement was provided.