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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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VCT: VCT approval: withdrawal of approval: effects of withdrawal of provisional approval


If provisional approval is withdrawn before the conditions for full approval (see VCM54020) have been met throughout:

  • a complete accounting period of 12 months; or
  • successive complete accounting periods constituting a continuous period of 12 months or more,

the withdrawal will have effect as if approval had never been given.

As a result:

  • the company will be treated as if it had never been approved as a VCT; and
  • all reliefs given to investors in the company will be withdrawn.