VCM68050 - VCT: deferral relief: what are the relevant time limits for making the subscription?

TCGA92/SCH5C/PARA1 (3)

The VCT shares subscribed for must be issued in the period which runs from 12 months before to 12 months after the time the chargeable gain accrued. If the shares were issued before the chargeable gain accrued, they must still be held at the time the gain accrued.

HMRC has statutory power to extend these time limits and has not delegated the power to extend the time limits for VCT deferral relief to HMRC officers in area offices.

Deferral relief is abolished for VCT shares issued after 5 April 2004. However, deferral relief may be claimed against chargeable gains accruing after that date if the gain in question accrued no later than 12 months after the date of issue of the VCT shares concerned.