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HMRC internal manual

Venture Capital Schemes Manual

CVS: investors and reliefs: notification of breach of conditions


The conditions to be satisfied by the investing company are set out at VCM91050 onwards. If any of these conditions ceases to be satisfied before the end of the qualification period (and at a time when the company still owns the shares) any investment relief obtained must be withdrawn. The investing company is required to make a report to the Inspector within 60 days after any event that results in a breach of the conditions. Some types of case where the conditions are breached may come to the notice of the Inspector dealing with the issuing company, who may also send a report to the investor’s tax office.