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HMRC internal manual

Venture Capital Schemes Manual

From
HM Revenue & Customs
Updated
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VCT: VCT qualifying holdings: company reconstructions and reorganisations: definition of ‘fully tradeable’

SI2661/2002 Regulation 8 (10) & (12)

Shares or securities become fully tradeable when, where they are offered to the shareholders or holders of securities of Company A (as in VCM55330 and VCM55340), they cease to be subject to:

  • the rules of the recognised stock exchange (or other exchange) governing the offer which prohibited or restricted the disposal of shares or securities to any other person, and
  • any conditions prohibiting or restricting the disposal of the shares or securities to any other person contained in any contract entered into by any of Company B (as in VCM55330 and VCM55340), or a company disposing of the shares or securities, the person(s) sponsoring, underwriting or organising the offer, and the VCT.