Part 8 Venture Capital Trusts
Income Tax Act 2007 (2007 c 3) | Legislation

Part 8 Venture Capital Trusts

Eligibility for relief

59

Section 261(4) does not apply in relation to shares acquired by a company before 1 December 2003.

Form and amount of relief

60

(1)     In relation to shares issued before 6 April 2006, section 263(2) applies with the substitution of “tax at the higher rate for the tax year on†for “30% ofâ€.

(2)     In relation to shares issued before 6 April 2004, section 263(2) applies with the substitution of “the savings rate†for “the higher rateâ€.

No entitlement to relief if there is a linked loan

61

In relation to shares issued before 6 April 2006, section 264(3) applies with the substitution, in paragraph (b) of the definition of “the relevant periodâ€, of “the third anniversary†for “the fifth anniversaryâ€.

Loss of relief if shares disposed of within 5 years

62

(1)     In relation to shares issued before 6 April 2006—

(a)     subsection (1) of section 266 applies with the substitution of “3 years†for “5 yearsâ€, and

(b)     subsection (4) of that section applies with the omission of “30% of†and the insertion at the end of “multiplied by

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