VCM60700 - VCT scheme: general: return of amounts subscribed for eligible shares

SI1995/1979 Regulation 21A

VCTs must make a return for each tax year (a year beginning on 6 April and ending on 5 April in the following year) containing particulars of amounts subscribed by investors for ‘eligible shares’ in the year.

‘Eligible shares’ are new, ordinary shares in the VCT which:

• have no present or future preferential right to dividends or to the company’s assets on its winding up, and
• no present or future right to be redeemed.

For eligible shares subscribed for in the tax year the return must give:

• the full name of the investor;
• his/her permanent residential address, including postcode;
• his/her date of birth;
• if (s)he has one, their national insurance number;
• the amount paid in respect of the shares subscribed for in the year, and
• the date on which the amount was paid.

The return must be made within 6 months of the end of the tax year (that is by 6 October), or if earlier, within 6 months of the VCT ceasing to be approved.