Part 8 – Venture capital trusts (paras 59-90)

Contents

59. Eligibility for relief Section commentary
60. Form and amount of relief Section commentary
61. No entitlement to relief if there is a linked loan Section commentary
62. Loss of relief if shares disposed of within 5 years Section commentary
63. Interpretation of Chapter 2 Section commentary
64. The 15% holding limit condition Section commentary
65. Conditions relating to value of investments Section commentary
66. Conditions relating to qualifying holdings and eligible shares: supplementary Section commentary
67. Interpretation of Chapter 3 Section commentary
68. The maximum qualifying investment requirement Section commentary
69. The no guaranteed loan requirement Section commentary
70. The proportion of eligible shares requirement Section commentary
71. The trading requirement Section commentary
72. The carrying on of a qualifying activity requirement Section commentary
73. Ceasing to meet the requirement because of administration or receivership Section commentary
74. The use of the money raised requirement Section commentary
75. The relevant company to carry on the relevant qualifying activity requirement Section commentary
76. The gross assets requirement Section commentary
77. The property managing subsidiaries requirement Section commentary
78. Meaning of “qualifying trade” Section commentary
79. Meaning of “qualifying 90% subsidiary” Section commentary
80. Meaning of “qualifying subsidiary” Section commentary
81. Meaning of “excluded activities” Section commentary
82. Excluded activities: wholesale and retail distribution Section commentary
83. Excluded activities: leasing of ships Section commentary
84. Excluded activities: receipt of royalties and licence fees Section commentary
85. Excluded activities: provision of services or facilities for another business Section commentary
86. Winding up of the relevant company Section commentary
87. Acquisitions for restructuring purposes etc. Section commentary
88. Power to facilitate company reorganisations Section commentary
89. Meaning of a company being “in administration” Section commentary
90. Meaning of “company”, “shares” and “research and development” in Part 6 Section commentary

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