VCM60510 - Venture capital trust (VCT) scheme: General: Withdrawal of approval - breach of approval conditions

SI1995/1979 Regulation 8

Where the VCT has full approval, and:

• any of the conditions for approval (see VCM60110) cease to be met; or
• a resolution is passed or a petition presented to wind the company up,

the company must notify CT&VAT in writing immediately (see VCM60010 for the address).

Where the VCT has provisional approval, and:

• any of the conditions for provisional approval (see VCM60120) are not met; or
• after meeting the conditions for provisional approval any of the conditions for full approval (see VCM60110) cease to be met; or
• a resolution is passed or a petition presented to wind the company up,

the company must notify CT&VAT (see VCM60010 for the address) in writing immediately.

Where there has been a breach outside of the VCT’s control of the 70% test, see VCM60420.