VCM60540 - VCT scheme: general: withdrawal of approval: withdrawal notices

ITA/S281; SI1995/1979 Regulations 6&7

Withdrawal notices will be in writing and will specify:

• the date from which approval is withdrawn; and
• the reasons for the withdrawal.

Withdrawal normally takes effect from the date the notice is given. A notice may, however, specify an earlier date from which the company loses its exemption from CT on capital gains. This date will be no earlier than the beginning of the accounting period in which a condition has not been, or will not be, met.

Companies may appeal to the Special Commissioners against withdrawal of approval. The Special Commissioners are an independent appeal tribunal. Appeals must be made in writing to CT&VAT (see VCM60010 for the address) within 30 days of the date of the withdrawal notice.