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.