VCM45350 - VC loss relief: general: qualifying
trading company: shares issued before 6 April 1998
ICTA88/S576 (4)
For shares issued before 6 April 1998, a qualifying trading
company is a company satisfying each of the following four
conditions:
- None of the company's shares were listed
on a recognised stock exchange (see
VCM45400) in the
relevant period (see
VCM45450). Until 1 April 1996
ICTA88/S576 (4) referred to shares being ‘quoted’
rather than ‘listed’. New trading systems introduced in
1996 resulted in shares being ‘listed’ rather than
‘quoted’ on the Stock Exchange, see CG50250
onwards.
- The company either
- is a
trading company (see
VCM45550) at the date of disposal of the
shares, or
- has ceased to be a trading company at a time not
more than three years before the date of disposal and has not since
that time been an
excluded company (see
VCM45500) or an
investment company (see
VCM49150).
- has been a
trading company for a continuous period of six
years ending on the date of disposal, or at the time of cessation
of trading where this was not more than three years before the date
of disposal, or
- has been a
trading company for a shorter continuous period
ending on the date of disposal, or at the time of cessation of
trading where this was not more than three years before the date of
disposal, and was not before the beginning of the period of trading
an
excluded company or an
investment company.
- The company has been
resident in the UK throughout the period from its
incorporation to the date of disposal.
