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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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Share loss relief: individual and corporate claimants: individual claimants: type of company invested in: qualifying trading company: future changes to the conditions

Conditions A to D which a company must meet in order to be a qualifying trading company are set out in detail in ITA07/S137 to 143. This is primary legislation. ITA07/S144 grants the Treasury the power to amend these sections as appropriate by means of an Order, that is to say by secondary legislation, which would not need to be debated by and voted upon by Parliament as part of a Finance Act or any other Act.

At the time of writing (April 2011) this power has not been exercised.

There is a corresponding power in CTA10/S86 which relates to the conditions for claims by companies.