VCT: VCT approval: maintaining approval: where full approval given
|its income in that accounting period was derived wholly or mainly from shares or securities (see VCM54050),||(nature of income condition);|
|at least 30% by value of its qualifying holdings were in holdings of eligible shares throughout that accounting period (see VCM54140),||(30% eligible shares condition);|
|from 6 April 2011 at least 70% by value of its qualifying holdings were in eligible shares throughout that accounting period; this applies to shares acquired by money raised after this date (see VCM54140),||(70% eligible shares condition);|
|at least 70% by value of its investments were in qualifying holdings of shares or securities throughout that accounting period (see VCM54080 onwards),||(70% qualifying holdings condition);|
|no holding in any company represented more than 15% by value of the VCT’s investments at any time during that accounting period (see VCM54070),||(15% holding limit condition);|
|its ordinary share capital was included in the official UK list throughout that accounting period: on or after 6 April 2011 a VCT be admitted to trading on a regulated market in accordance with Directive 2004/39/EC of the European Parliament (see VCM54040),||(listing condition);|
|it did not retain more than 15% of its income derived in that accounting period from shares and securities (- see VCM54060),||(income retention condition).|
However, if further ordinary shares are issued VCM54170 will apply.
Where any of these conditions are not met, approval may be withdrawn (ITA07/S281).