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HMRC internal manual

Venture Capital Schemes Manual

CVS: general: qualifying issuing companies: qualifying trades


A trade is a qualifying trade if:

  • it is conducted wholly or mainly in the UK,
  • it is conducted on a commercial basis and with a view to profit,
  • it does not consist, either completely or as to a substantial part (see VCM3010), of excluded activities,

For the meaning of ‘wholly or mainly in the UK’ see Statement of Practice SP3/00. The UK includes the territorial sea - that is, waters within 12 nautical miles of the coast - but does not include the Channel Islands or the Isle of Man.

As regards excluded activities, see VCM3000 onwards.