VCT: investor income tax reliefs: ‘front-end’ income tax relief: when relief is not due
ITA07/S261(3) & S264
Relief is not due:
- if the shares were acquired as part of a tax avoidance scheme, or
- if a loan was made which would not have been made, or would not have been made on the same terms, if the shares had not been subscribed for - see SP6/98 (reproduced at VCM11030).