Income Tax Act 2007 Schedule 2 para 59

Eligibility for relief

Schedule 2 paragraph 59 provides a transitional rule that disapplies a particular eligibility condition for VCT relief in respect of shares acquired before a specified date.

• This paragraph concerns the eligibility conditions for venture capital trust (VCT) relief under section 261
• Section 261(4) imposes a condition that must normally be met for an investor to be eligible for VCT relief
• That condition is disapplied where the shares in question were acquired by a company before 1 December 2003
• Shares acquired on or after 1 December 2003 remain fully subject to the section 261(4) requirement