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HMRC internal manual

Venture Capital Schemes Manual

VCT: VCT qualifying holdings: independence requirement


The company must not be under the control of another company, or of another company and any other person or persons connected with that company (see VCM55210 and VCM55230 regarding the meaning of ‘control’ and ‘connected’). And there must not be any arrangements by virtue of which this rule could be breached, either currently or at any future date. (However, arrangements of the type described at VCM55290 are to be ignored).

This requirement prevents the VCT itself from controlling an investee company.