Income Tax Act 2007 Schedule 2 paragraph 73

Ceasing to meet the requirement because of administration or receivership

Paragraph 73 of Schedule 2 provides a transitional rule for shares or securities issued before 17 March 2004, modifying how section 292(1) applies when determining whether they form part of a company's qualifying holdings for VCT purposes.

• This paragraph applies only to shares or securities issued before 17 March 2004.
• It modifies how section 292(1) operates when assessing whether shares or securities count as qualifying holdings of a VCT.
• The modification removes the word "merely" from section 292(1), which means the test for when a company ceases to meet requirements due to administration or receivership is applied more broadly for these older holdings.
• For shares or securities issued on or after 17 March 2004, section 292(1) applies in its standard form, including the word "merely".