Venture Capital Trusts: triggering conditions
TCGA92/S101C (1), TCGA92/S101C (2)Section 101C applies when all the following conditions are satisfied.
- An asset is disposed of to a company at no gain/no loss under TCGA92/S171(1) at a time when the company is not a Venture Capital Trust.
- The company later obtains approval as a Venture Capital Trust under the provisions of ICTA88/S842AA from a time not more than 6 years after the time of the intra- group disposal (not having been a Venture Capital Trust at any earlier time after the disposal).
- At the time from which approval is effective it still owns, otherwise than as trading stock, the asset or property into which a gain on that asset has been rolled-over under TCGA92/S152 - TCGA92/S158.
- At the time it becomes a Venture Capital Trust, the company has not previously been treated as having made a deemed disposal and reacquisition of the asset under TCGA92/S101A, see CTM47000 onwards, or TCGA92/S179(3), see CG45400+.