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HMRC internal manual

Venture Capital Schemes Manual

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HM Revenue & Customs
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VCT: VCT approval: 70% qualifying holdings condition

ITA07/S274(2)

At least 70% by value of a VCT’s investments must, throughout its most recent accounting period, be represented by shares or securities comprised in qualifying holdings of the company.

For the definition of securities, and an explanation of what is to be included in a company’s investments, see VCM54090.

For the definition of qualifying holdings see VCM55000 onwards.

Where a VCT disposes of a qualifying holding on or after 6 April 2007, the disposal is disregarded for a period of six months for the purpose of the 70% qualifying holding condition under ITA07/S280A (VCM54100).