Income Tax Act 2007 section 565

Overview of Part

Section 565 provides an overview of the Part dealing with venture capital trusts, introducing the structure and key concepts used throughout.

  • This section serves as a roadmap to the Part, outlining how its chapters and provisions fit together.
  • It introduces the framework for income tax reliefs available to investors in venture capital trusts (VCTs).
  • The remaining sections of the opening chapter define important terms that carry the same meaning throughout the entire Part.
  • Understanding these defined terms is essential before navigating the detailed relief provisions that follow.

Example

An accountant is advising a client who has invested in a venture capital trust and wants to understand the available income tax reliefs. The accountant turns first to section 565, which provides an overview of the entire Part. This overview directs the accountant to the relevant chapters — for instance, those dealing with relief on investments, withdrawal of relief, and supplementary provisions — and highlights the key defined terms established in the opening chapter that will be encountered repeatedly throughout.

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