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HMRC internal manual

Venture Capital Schemes Manual

CVS: investors and reliefs: material interest: indirect possession and entitlement to acquire

FA00/SCH15/PARA7 (1)

For the purposes of calculating whether the interest of the investing company is at any time a material interest the following are to be taken into account, in addition to the direct possession of shares.

  • The indirect possession of shares. This would cover, for example, the case where the company has only a beneficial interest in the shares.
  • Any entitlement to acquire issued shares at some future date, and any future entitlement to acquire issued shares.