Income Tax Act 2007 section 330A

Nominees

Section 330A establishes that shares in a Venture Capital Trust (VCT) handled by a nominee on behalf of an individual are treated as if the individual had dealt with them directly, ensuring the same income tax relief and tax treatment applies.

• Where a nominee subscribes for VCT shares on behalf of an individual, the individual qualifies for income tax relief as though they subscribed personally.
• Shares issued to a nominee acting for an individual are treated as issued directly to that individual.
• Shares held by a nominee on behalf of an individual are treated as held by the individual for all purposes of the VCT rules.
• Disposals of VCT shares carried out by a nominee on behalf of an individual are treated as disposals made by the individual, preserving the same tax consequences.