Part 6

Venture capital trusts
Chapter 5

Powers: winding up and mergers of VCTs

Mergers

Power to facilitate mergers of VCTs
321
1
Regulations may make provision authorised by section 322 for cases where—
a
there is a merger of two or more companies each of which is a VCT immediately before the merger begins to be effected, and
b
the merger is for genuine commercial reasons and is not part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
2
Provision made by regulations under subsection (1) applies—
a
in cases, and
b
subject to conditions (including conditions requiring approvals to be obtained),
specified by the regulations.