Income Tax Act 2007 section 318

Power in respect of periods before and after winding up

Section 318 extends the regulatory powers available under sections 314 to 317 so that they can also apply to a Venture Capital Trust during the periods immediately before it formally enters liquidation and after its winding up has completed but before it is dissolved.

• The powers that apply to a VCT-in-liquidation under sections 314 to 317 can also be applied to a company that has applied to court for winding up but where the court has not yet made the order, provided it would qualify as a VCT-in-liquidation if the order had been made when the application was filed.
• The same powers can also be applied to a company that was formerly a VCT-in-liquidation but has since completed its winding up and is awaiting dissolution.
• For companies awaiting a court order, the "extension period" runs from the date the winding-up application was made until whichever comes first: the final determination of that application or the company actually entering winding up.
• For companies that have completed winding up, the "extension period" runs from the end of the winding up until the company is formally dissolved.