Income Tax Act 2007 section 319

Sections 314 to 318: supplementary

Section 319 provides supplementary rules governing how the regulation-making powers in sections 314 to 318 (relating to the winding up and mergers of venture capital trusts) operate in practice.

• Regulations made under sections 314 to 318 apply only in the cases and subject to the conditions that the regulations themselves specify.
• Regulations may limit their effect in a particular case to a specific period, which can be set out in, or determined under, the regulations.
• Any reference in sections 314 to 318 to things done by a VCT-in-liquidation includes things done by the liquidator of that VCT-in-liquidation.
• The overall effect is to give HMRC flexibility to tailor the scope, conditions, and duration of the reliefs and treatments available during VCT winding-up or merger situations.