[280A The [80%] qualifying holdings condition: disposal of holding]
Income Tax Act 2007 (2007 c 3) | Legislation

[280A  The [80%] qualifying holdings condition: disposal of holding]

[(1)     This section applies if—

(a)     a company which is a VCT disposes of shares or securities (“the holding”),

(b)     the consideration for the disposal does not consist wholly of new qualifying holdings, and

(c)     the holding was comprised in the company's qualifying holdings throughout the 6 months ending immediately before the disposal.

(2)     For the purpose of determining whether the [80%] qualifying holdings condition is, has been or will be met—

(a)     the company is to be treated as if it continued

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