VCM60157 - Venture capital trust (VCT) scheme: General: Issue of shares or securities - apportioning value

SI2661/2002 Regulation 11

Where the value of the new shares or securities issued to the VCT needs to be apportioned, it must be done as follows.

• Firstly, by having regard to the historic value of the old shares and securities,
• Otherwise using any method which is just and reasonable, and
• In any event, aiming to secure that the requirements of the 15% holding limit condition, the 70% qualifying holding condition and the 30% or 70% eligible shares condition ) (see VCM60110) or the 10% proportion of eligible shares requirement (ITA/S289) (see VCM62030) do not cease to be met.
• This same method will be used if any company A shares are retained in the circumstances described in VCM60155.