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If provisional approval is withdrawn before the conditions for full approval (see VCM54020) have been met throughout: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- all reliefs given to investors in the company will be withdrawn.