VCM10075 - References to legislation

In parts of the Manual you will see references to the legislation the guidance embodies, usually at the top of each page. Very often there will be references to both ICTA (Income and Corporation Taxes Act 1988) and ITA (Income Tax Act 2007).

Until 6 April 2007 the legislation concerning much of the EIS, and some concerning VCTs, was in ICTA. As part of HMRC’s ongoing programme of rewriting the tax legislation, that is now in ITA.

For EIS, where both ICTA and ITA references are given, the former is to the legislation relating to shares issued before 6 April 07 and the latter is to the legislation relating to shares issued after that date.

The important point is that the rewrite did not change the law; the substance of the legislation, and the guidance following from it, remain the same.