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HMRC internal manual

Venture Capital Schemes Manual

VCT: investor CG deferral relief: introduction


When an individual investor subscribed for eligible shares before 6 April 2004 he or she could make a claim to defer a chargeable gain. The amount of the relief was limited to aggregate subscriptions of £100,000 for shares issued in any one tax year. To qualify the VCT shares had to be issued in the period that ran from 12 months before to 12 months after the chargeable gain accrued. The gain deferred was brought back into charge on a later disposal of the shares or if certain other events occur.

VCT deferral relief is abolished for shares issued after 5 April 2004 but gains previously deferred will still be brought back into charge on the occurrence of the appropriate events. This guidance provides information relating to situations where gains may be brought back into charge, and the relevant procedures.