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HMRC internal manual

Venture Capital Schemes Manual

VCT: investor CG deferral relief: different categories of shares

TCGA92/S151B (3)

It is possible for an investor to own VCT shares which attract different types of tax relief or no tax relief at all. TCGA92/S151B(3) divides these into the 4 categories below.

  Disposal relief Deferral relief
(a) Y Y
(b) Y X
(c) X Y
(d) X X

Y indicates shares eligible for relief.

X indicates shares not eligible for relief.

The reference to deferral relief means shares issued on or before 5 April 2004 on which the investor has been given or is entitled to claim ‘front-end’ income tax relief on investment. These are the shares which will give an entitlement to claim CGT deferral relief.