VCM60500 - VCT scheme: general: withdrawal of approval: when approval may be withdrawn

ITA/S281

Approval may be withdrawn by CT & VAT where they have reasonable grounds for believing that:

• the conditions for approval were not met at the time of the approval;
• in a case where they were satisfied that a condition would be met in relation to any period, that condition will not be, or has not been, met in that period;
• in a case of provisional approval, any additional condition included in the approval notice (see VCM60120) has not been met;
• in a case of full approval, or where provisional approval has become full (see VCM60370), a condition was not, or will not be, met in relation to the company’s last or current accounting period; or
• in a case where there has been a further issue of ordinary shares (see VCM60180), the conditions for approval will not be met in the first accounting period to which the relaxation, in respect of the additional funds, does not apply.