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HMRC internal manual

Venture Capital Schemes Manual

CVS: general: qualifying issuing companies: to be unquoted


At the time when the shares are issued, neither they nor any of the company’s other shares or debentures or other securities may be listed on an exchange which is at that time a recognised stock exchange (see CTM60310) or has been designated by HMRC, or be dealt in outside the UK by any means designated by HMRC.

In addition, at the time when the shares are issued there must not be any arrangements for such a listing, or for the company to become a subsidiary of another company that would not satisfy this requirement.