Venture capital trusts (VCTs)
Amendments
Amount of relief
Amount raised annually through risk finance investments requirement
Application and transitional provision
Approval
15 per cent holding condition
70 per cent (formerly 30 per cent) eligible shares condition
70 per cent qualifying holdings condition
70 per cent qualifying holdings condition, disposal of holdings
Appeals to tribunal
Applications for
Breach of conditions for
Conditions for
Eligible shares condition
Generally
Income conditions
Information powers
Investment limits condition
Liability for tax where provisional approval withdrawn
Liquidation
Mergers
Minimum investment on further issue condition
No business acquisition condition
Notice of
Permitted investment limits
Permitted maximum age condition
Provisional
Qualifying holdings and eligible shares, conditions
Refusal
Reporting requirements
Time from when approval has effect
Value of investments, conditions
Winding-up
Withdrawal
Withdrawal of
Capital gains
Capital gains tax exemption
Chargeable gains
Deferral relief, shares issued pre-6 April 2004
Disposal exemption
Entrepreneurs' relief
Chargeable gains/allowable losses
Conditions to be satisfied
Consequential repeal
Consultation document
Reforms and expansions of tax-advantaged venture capital schemes
Default terms in loan agreements
Deferral relief
Deferral relief where VCT shares issued before 6 April 2004
Chargeable event
Definitions
Derivative contracts
Disposal exemption
Loss of VCT approval
Reorganisations
Share identification
Distributions, exemption from income tax
Dividend exemption
Annual threshold exceeded
Dividends
Part disposals, identification
Qualifying investor
Reorganisations, identification
Share identification
Dividends, exemption from tax
Annual acquisition limit exceeded
Generally
Identification of shares after disposals
Identification of shares after reorganisations etc.
Earn-out shares or securities
Eligibility for relief
Entitlement to claim relief
Entrepreneurs' relief
Exchange of shares and securities
Excluded activities
Coal production
Electricity, subsidised generation or export of
Hotels and comparable establishments
Licences, receipt of
Meaning
Nursing homes and residential care homes
Property development
Provision of services/facilities for other businesses
Royalties, receipt of
Shipbuilding
Ships, leasing of
Steel production
Wholesale and retail distribution
Financial health requirement
First commercial sale condition
No business acquisition condition
Form of relief
Funding of management buy-outs
Generally
Gross assets, value
Groups of companies, transfers within
Income tax relief
Annual claims
Certificate to be given to investor
Claims
Distributions
Dividend exemption
Eligibility for
Eligible shares, meaning
Enduring declarations
Entitlement
Generally
Interim claims
Loan-linked investments
Reporting requirements
Restricting relief of 'linked' sale
Tax credit vouchers
Transfer to spouse or civil partner
Withdrawal
Information to be provided
Interpretation
Intra-group transfers
Investment, relief from income tax
Linked loan, no entitlement to relief
Loan relationships
Loans to investors
Location of activity
Loss of investment relief
Loss of relief
Approval withdrawn
Assessment on withdrawal or reduction of relief
Shares disposed of within 5 years
Transfer of shares between spouses or civil partners
Where subsequently found not to be due
Maximum investment
Meaning
Mergers
Generally
Interpretation
Meaning
Power to facilitate
Regulations
Successor company, meaning
Minimum holding period
No entitlement to relief
Other reliefs
Overview
Pensions contrasted
Permanent establishment
Meaning
Requirement
Permitted maximum, meaning
Provisional approval
Qualifying holding requirements
Qualifying holdings
Acquisition by new company
Administration or receivership, ceasing to meet requirements
Amount raised annually through risk capital schemes requirement
Carrying on a qualifying activity requirement
Certain requirements of Chapter 3 to be treated
Coal production, excluded activities
Control and independence requirement
Conversion of convertible shares and securities
Convertible shares
Disqualifying arrangements
Disqualifying arrangements requirement
Ear-out rights
Eligible shares requirement, proportion of
Employees, number of requirement
Employees, proportion of skilled requirement
Excluded activities
Financial health requirement
Financing management buy-outs
Generally
Gross asset requirement
Gross assets requirement
Hotels and comparable establishments, excluded activities
Interpretation
Knowledge-intensive company
Leasing ships, excluded activities
Maximum amount raised under all risk capital schemes
Maximum qualifying investment requirement
Maximum risk finance investments during the five-year post-investment period
Maximum risk finance investments when relevant holding is issued
No guaranteed loan requirement
Number of employees requirement
Nursing homes and residential care homes, excluded activities
Permanent establishment requirement
Permitted company age requirement
Power to amend Chapters 3 and 4 by treasury
Power to make amendments
Property development, excluded activities
Property managing subsidiaries requirement
Proportion of eligible shares requirement
Proportion of skilled employees requirement
Provision of services or facilities for another business, excluded activities
Qualifying 90 per cent subsidiary, meaning
Qualifying activity requirement
Qualifying subsidiaries requirement
Qualifying subsidiary, meaning
Qualifying trade, meaning
Receipts of royalties and licence fees, excluded activities
Reconstructions
Relevant company to carry on the relevant qualifying activity requirement
Relevant company's qualifying activity
Reorganisations
Reorganisations involving exchange of shares
Requirements list
Risk-to-capital requirement
Share exchanges on formation of holding company
Shares exchanged for others in same company
Shares exchanged for those in another company
Shares issued under a scheme of reconstruction
Shipbuilding, excluded activities
Spending money raised under seed enterprise investment scheme
Steel production, excluded activities
Trading requirement
Treasury powers to amend
Unquoted status requirement
Use of money raised requirement
Wholesale and retail distribution, excluded activities
Winding up of the relevant company
Qualifying shares
Qualifying trades
Coal production
Electricity, subsidised generation or export
Excluded activities
Generally
Hotels and comparable establishments
Leasing
Nursing homes
Property development
Provision of services to persons carrying on qualifying activities
Residential care homes
Royalties and licence fees
Shipbuilding
Steel production
Subsidised generation of heat or production of gas or fuel, excluded activities
Subsidised generation or export of electricity
Wholesale and retail distribution
Rate of relief
Re-investment, deferred charge on
Reconstructions
Exchange of shares or securities
Transfer of assets
Records to be kept by trust company
Generally
Inspection by officer of Revenue and Customs
Regulations as to procedure etc., power to make
Relevant investments limit
Reliefs
Capital gains tax
Repeal of saving for investment of protected money
Returns
Social venture trusts
Transitional provisions
Valuation of assets
Winding up
Disposals
Distributions
Generally
Interpretation
Periods before and after
Regulations, power to make
Relevant company
Transfer of investments in specie
Withdrawal of approval
Before notice of withdrawal
Companies
Generally
Loss of relief