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.

316 Power to make provision about distributions by VCT-in-liquidation U.K.

(1) Regulations may make provision for tax enactments specified by the regulations—

(a) to apply in relation to distributions from a VCT-in-liquidation (including, in particular, distributions in the course of dissolving it or winding it up),

(b) not to apply in relation to such distributions,

(c) to apply in relation to such distributions with modifications specified by the regulations.

(2) Provision under subsection (1) may be made so as to apply in relation to distributions from a VCT-in-liquidation made—

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

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