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HMRC internal manual

Venture Capital Schemes Manual

From
HM Revenue & Customs
Updated
, see all updates

VCT: VCT approval: withdrawal of approval: breach of approval conditions

SI1995/1979 Regulation 8

Where the VCT has full approval, and:

  • any of the conditions for approval (see VCM54020) cease to be met; or
  • a resolution is passed or a petition presented to wind the company up,

the company must notify CTIAA (Structure, Incentives & Reliefs team) in writing immediately.

Where the VCT has provisional approval, and:

  • any of the conditions for provisional approval (see VCM54030) are not met; or
  • after meeting the conditions for provisional approval any of the conditions for full approval (see VCM54020) cease to be met; or
  • a resolution is passed or a petition presented to wind the company up,

the company must notify CTIAA (Structure, Incentives & Reliefs team) in writing immediately.

Where there has been a breach outside of the VCT’s control of the 70% test, see VCM54350.