SCHEDULE 6 Venture Capital Trusts
Finance (No 2) Act 2015 (2015 c 33) | Legislation

SCHEDULE 6 Venture Capital Trusts

Section 26

Introductory

1

Part 6 of ITA 2007 (venture capital trusts) is amended as follows.

Limiting eligibility for relief to investments made before 2025

2

(1)     Section 261 (eligibility for VCT relief) is amended as follows.

(2)     In subsection (3), before paragraph (a) insert—

“(za)     the shares are issued before 6 April 2025,â€.

(3)     After subsection (4) insert—

“(5)     The Treasury may, by regulations, amend subsection (3)(za) to substitute a different date for the date for the time being specified there.â€

Requirements for the giving of VCT approval

3

(1)     Section 274 (requirements for the giving of approval) is amended as follows.

(2)     In the table in subsection (2), at the end insert—

“The permitted maximum age conditionThe company has not made and will not make an investment, in the relevant period, in a company which breaches the permitted maximum age limit.
The no business acquisition conditionThe company has not made and will not make an investment, in the relevant period, in a company which breaches the prohibition on business acquisitions.â€

(3)     In subsection (3)—

(a)     omit the “and†at the end of paragraph

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