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HMRC internal manual

Venture Capital Schemes Manual

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

SI1995/1979 Regulations 5&7

If CTIAA (Structure, Incentives & Reliefs team) are not satisfied that the conditions for full or provisional approval have been or will be met, they will give a notice, in writing, refusing approval and specifying:

  • the date on which refusal is given; and
  • the reasons for refusal.

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