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HMRC internal manual

Venture Capital Schemes Manual

VCT: VCT winding-up: prescribed winding-up period

SI2004/2199 Regulation 2

The modification of the VCT scheme tax rules for a VCT-in-liquidation and its investors provided for by SI2004/2199 regulations 3 - 8 (VCM56010) is restricted to the prescribed winding-up period of the VCT-in-liquidation.

The prescribed winding-up period is the period:

  • beginning with the commencement of the company’s winding up, and
  • ending with the earliest of:

    • the end of the company’s winding up
    • the company ceasing to be wound up
    • the dissolution of the company
    • the third anniversary of the commencement of the company’s winding up.

The regulations do not define the time at which a winding-up commences or ends. A winding up should be regarded as commencing on the passing by the company of the relevant resolution, or if there is no such resolution, on the presentation of a winding up petition (if successful), or on the doing of any act for similar purpose.