VCM62153 - Venture capital trust (VCT) scheme: Qualifying holdings: Employment of money raised - third period

ITA/S293 During the “third period” (see VCM62150) the requirement to be satisfied in relation to the money raised is that the company, or a subsidiary, should have employed it for the purpose of the trade or research and development, (see TS103/2000). If not all of the money has been so employed ITA/S286(5) will apply (see VCM62110) to divide the holding into two.

See VCM12080 regarding the meaning of “employed” and the identification of the money employed.