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HMRC internal manual

Venture Capital Schemes Manual

VCT: VCT approval: withdrawal of approval: withdrawal notices

ITA07/S281, SI1995/1979 Regulations 6&7

Withdrawal notices will be in writing and will specify:

  • the date from which approval is withdrawn; and
  • the reasons for the withdrawal.

Withdrawal normally takes effect from the date the notice is given. A notice may, however, specify an earlier date from which the company loses its exemption from CT on capital gains. This date will be no earlier than the beginning of the accounting period in which a condition has not been, or will not be, met.

Companies may appeal against withdrawal of approval. Appeals must be made in writing to CTIAA (Structure, Incentives & Reliefs team) within 30 days of the date of the withdrawal notice.