VCM45850 - VC loss relief: general: qualifying disposals: shares in companies dissolved before 1 April 2000: ESC/D46

ESC/D46, which came into effect from 16 December 1993 for both new and open cases, allowed VC loss relief to be given on a claim under ICTA88/S573 or ICTA88/S574 where:

• the company has no assets and is dissolved,
• the shareholder has not received a distribution in the course of dissolving or winding up the company, or an anticipated final dividend has not been paid,
• the shareholder has not made a deemed disposal of the shares under TCGA92/S24 (2) (negligible value), and
• all other conditions for relief under ICTA88/S573 or ICTA88/S574, including the time limit, are satisfied.

Disposals to which ESC/D46 applied were brought within the class of disposals qualifying for relief under ICTA88/S573 and ICTA/S574 with effect from 1 April 2000 and 6 April 2000 (respectively) by FA00/SCH16/PARA3 (3).