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HMRC internal manual

Venture Capital Schemes Manual

VCT: investor CG disposal relief: loss of VCT approval: VCT status regained

If the company regains its VCT status any shares which were exempt before it lost its approval will not regain their exemption. This is because the company will not have been a VCT at the time the shares were acquired. In the case of withdrawal of provisional approval the company is deemed never to have been a VCT. And for withdrawal of full approval, or of provisional approval which has become full, there is a deemed disposal immediately before approval is withdrawn and a deemed reacquisition immediately after the approval has been withdrawn.