Income Tax Act 2007 section 271

Provision of information

Section 271 sets out the obligations to notify HMRC when events affect Venture Capital Trust (VCT) relief, and the information requirements that apply to VCTs when they issue shares to which relief does not apply.

• An individual who has obtained VCT relief must notify HMRC within 60 days of becoming aware of any event that causes that relief to be withdrawn or reduced.
• Where a VCT issues its own shares to an individual and the shares are ineligible for relief under section 261(4), the company must notify the individual at the time of issue and send a copy to HMRC within 3 months.
• The notice to the individual must state that they are not eligible for VCT relief in respect of those particular shares.
• HMRC officers are permitted to disclose to a VCT that relief has been obtained by reference to a particular number or proportion of its shares, regardless of any statutory or other secrecy obligations.