281 Withdrawal of VCT approval of a company
Income Tax Act 2007 (2007 c 3) | Legislation

Withdrawal of approval

281  Withdrawal of VCT approval of a company

(1)     The Commissioners for Her Majesty's Revenue and Customs (“the Commissioners”) may withdraw the VCT approval of a company if at any time it appears to them that there are reasonable grounds for believing—

(a)     that the conditions for the approval of the company were not met at the time of the approval,

(b)     in a case where the Commissioners were satisfied for the purposes of section 274(1)(b) or 275(2) that any of the conditions mentioned in section 274(2) would be met in relation to any period, that the condition is one which will not be, or has not been, met in relation to that period,

(c)     in the case of a company approved under subsection (2) of section 275 (read with paragraph (b) of subsection (3) of that section), that the company has not met such other conditions as may be prescribed by regulations made by the Commissioners in relation to—

(i)     the period of 3 years mentioned in that paragraph, or

(ii)     any part of that period,

(d)     in a case where the use of any money falls to be ignored for any accounting period in accordance

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