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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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CVS: investors and reliefs: material interest: connected persons and associates

FA00/SCH15/PARA7(1) & (5)(b)

For the purposes of calculating whether the interest of the investing company is at any time a material interest there are to be attributed to the company:

  • the interests of any persons connected with the company, and
  • the interests of any persons who are associates of the company.

Note that throughout Schedule 15 ‘connected’ has the meaning given in ICTA88/S839 (see CG14580 onwards, which deals with similarly worded legislation), and ‘associate’ has the meaning given in ICTA88/S417 (see CTM60150).