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The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004
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- UK Statutory Instruments
- 2004 No. 2199
- Regulation 10
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Procedure for Board’s approval
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10.—(1) Any application under regulation 9(3) shall be in writing and shall contain particulars of the transactions in connection with the merger that are to be effected and the Board may, within 30 days of the receipt of the application or of any further particulars previously required under this paragraph, by notice require the applicant to furnish further particulars for the purposes of enabling the Board to make their decision; and if any such notice is not complied with within 30 days or such longer period as the Board may allow, the Board need not proceed further on the application.
(2) The Board shall notify their decision to the applicant within 30 days of receiving the application or, if they give a notice under paragraph (1), within 30 days of the notice being complied with.
(3) If the Board notify the applicant that they are not satisfied as mentioned in regulation 9(3) or do not notify their decision to the applicant within the time required by paragraph (2), the applicant may within 30 days of the notification or of that time require the Board to transmit the application, together with any notice given and further particulars furnished under paragraph (1), to the Special Commissioners, and in that event any notification of approval by the Special Commissioners shall have effect for the purposes of these Regulations as if it were a notification of approval by the Board.
(4) If any particulars provided under this regulation do not fully and accurately disclose all facts and circumstances (including any change in circumstances) material for the decision of the Board or the Special Commissioners then, unless the applicant shows that the information in question was not in his possession or power, any resulting notification of approval by the Board or Commissioners shall be void.
(5) The Board may supply to any joint applicant –
(a)any information relating to the application, to a decision made on the application or to any change in circumstances relevant to the application or a decision; and
(b)any communication made or received relating to the application, decision or any change in circumstances.
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