Income Tax Act 2007 section 285

Interpretation of Chapter 3

Section 285, as modified by Schedule 2 paragraph 67, sets out how the interpretation provisions for VCT approvals apply when determining whether a company met the relevant conditions before 6 April 2007.

• Section 285 provides definitions and interpretation rules used throughout the VCT approvals chapter.
• When assessing whether a company met the conditions in section 274(2) at any time before 6 April 2007, a modified version of section 285 applies.
• Subsections (4) to (6) of section 285 are disregarded for the purposes of any such pre-6 April 2007 determination.
• This transitional rule ensures that the interpretation provisions are applied in a form consistent with the law as it stood before the Income Tax Act 2007 came into force.