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HMRC internal manual

Venture Capital Schemes Manual

Share Loss Relief: individual and corporate claimants: corporate claimants: other relevant guidance

The following table shows the statute and guidance relevant to the main aspects of Share Loss Relief as claimed by companies. It also shows the corresponding statute relating to claims by individuals.

Technical issue (condition) CTA 2010 ICTA 1988 Corresponding ITA 2007 Guidance
Definitions of main terms S90 No counterpart S151 VCM71020+
Meaning of ‘research and development’ S1138 S837A S1006 VCM71020 and VCM74790
Claimant’s eligibility S69 S573(1) etc No counterpart in ITA VCM77030
Shares must be subscribed for S68(1) S573(1) S131(2)(b) ITA VCM70150
Meaning of ‘subscribed for [shares]’ S73 S573(6) S135(2)&(4) VCM74060
Terms of disposal of shares S68(2) S575(1) S131(3) ITA VCM70150 and VCM74090 
Exclusion where anti-avoidance measures apply S68(3) S575(3) S131(4) VCM73010
Claims and giving relief Ss70-72 S573(2)-(4A) No relevant counterpart in ITA VCM75290 and VCM77040+
Disposals of new shares identified with old shares under TCGA92/S127 S74 S575(2) S136 VCM75330+
Limits on relief where shares are or were part of a holding of shares S75 S576(1) (part) S147 VCM75400+
Share identification where shares form part of a mixed holding S76 S576(1) & (1C)    
(part) S148 VCM75400+ and VCM77070 (CTA version of S148(3)(b))    
Share identification where shares form part of a mixed holding: taking account of TCGA92/S127 and nominees and bare trustees S77 No counterpart S149(2)-(5) VCM75490

Qualifying trading company:

Condition A S78(2) S576A(2) S134(2) VCM74500, VCM74990   
trading requirement S79 & S80 S576B & S576C S137 & S138 VCM74610  
excluded activities S79(7) S576B(7) S137(7) VCM3000+  
control and independence requirement S81 S576D S139 VCM74900+  
qualifying subsidiaries requirement S82 S576E S140 VCM74920+  
property managing subsidiaries requirement S83 S576F S141 VCM74950+  
Condition B S78(3) S576A(3) S134(3) VCM75000  
Condition C S78(4) S576A(4) S134(4) VCM75100+  
gross assets requirement S84 S576G S142 VCM75100  
unquoted status requirement S85 S576H S143 VCM75110  
Condition D S78(5) S576A(5) S134(5) VCM75120  
Relief after share for share exchanges S87 & S88 S576J & S576K S145 & S146 VCM75350+