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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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VCT: VCT approval: applications for approval: approval notices

SI1995/1979 Regulations 4&7

If the Small Companies Enterprise Centre are satisfied that a company should be approved, they will give notice in writing specifying:

  • the date on which approval is given; and
  • the date from which approval is effective.

Approval cannot be effective from a date when the company is a close company (see VCM54020).

Provisional approval notices may include additional conditions to be met by the company (see VCM54030). Additional conditions will be included only where the application gives rise to some concern that the conditions may not be met in the relevant time scale. An example would be benchmarks to be achieved on the way to meeting the 70% qualifying holdings condition.

Companies may appeal against the inclusion of additional conditions. Appeals must be made in writing to Small Companies Enterprise Centre (see VCM2070 for address details) within 30 days from the date of the notice of approval.