SCHEDULE 10 Venture Capital Trusts
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 10 Venture Capital Trusts

Section 53

Time limits for making assessments

1

(1)     In section 270 of ITA 2007 (assessment on withdrawal or reduction of relief), in subsection (1), after “obtained†insert “, and may be made at any time not more than 6 years after the end of that tax yearâ€.

(2)     The amendment made by this paragraph has effect in relation to assessments made on or after 6 April 2014 (including those made for tax years ending before that date).

Linked sales

2

(1)     After section 264 of ITA 2007 insert—

“264A Restricting relief where there is a linked sale

(1)     This section applies where—

(a)     an individual subscribes for shares (“the relevant sharesâ€) in a VCT (“the VCTâ€), and

(b)     there is at least one linked sale of other shares by the individual.

(2)     For the purposes of this Part, the amount the individual subscribes for the shares is to be treated as reduced (but not below nil) by the total consideration given for the linked sales of other shares.

This is subject to subsection (3).

(3)     If a sale is linked in relation to more than one subscription for shares—

(a)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Third party rights—the common law doctrine of privity of contract

Third party rights—the common law doctrine of privity of contractThis Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the

LEXISNEXIS

HCPC—Main hearing of the Health and Care Professions Tribunal

HCPC—Main hearing of the Health and Care Professions TribunalCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the government’s response to the coronavirus outbreak. In particular, the Health and Care Professions Council (HCPC) (Coronavirus) (Amendment) Rules Order

LEXISNEXIS

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international

LEXISNEXIS

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and