VCM60530 - VCT scheme: general: withdrawal of approval: effects of the withdrawal of provisional approval

ITA/S281(3)

If provisional approval is withdrawn before the conditions for full approval (see VCM60110) have been met throughout:

• a complete accounting period of 12 months; or
• successive complete accounting periods constituting a continuous period of 12 months or more,

the withdrawal will have effect as if approval had never been given.

As a result:

• the company will be treated as if it had never been approved as a VCT; and
• all reliefs given to investors in the company will be withdrawn.