Income Tax Act 2007 section 262

Entitlement to claim relief

Section 262 sets out the entitlement of an individual to claim Venture Capital Trust (VCT) relief for a tax year and the maximum amount on which relief can be claimed.

• An individual who is eligible for VCT relief by reference to shares issued in a tax year is entitled to claim that relief for that year
• The claim can be made in respect of all or only some of the qualifying shares — there is no requirement to claim on every eligible share
• The maximum amount on which VCT relief can be claimed in any single tax year is £200,000
• The individual has flexibility to choose which shares to include in a claim, up to the annual limit