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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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VCT: VCT qualifying holdings: unquoted status requirement


The company issuing the holding must be an unquoted company, that is, none any of the company’s shares or debentures or other securities may listed on an exchange which is at that time a recognised stock exchange (see CTM60310) or has been designated by HMRC, or be dealt in outside the UK by any means designated by HMRC.

If at any time subsequent to the issue of the holding the company ceases to be unquoted, the requirement is treated as satisfied in relation to that holding for a period of five years. The purpose of this is to allow the VCT a period of grace in which to dispose of the holding should it wish to do so.

The Alternative Investment Market (AIM) and the PLUS Markets (with the exception of PLUS-listed) are not considered to be recognised exchanges. The PLUS-listed market is regarded as a recognised stock exchange.