If the company regains its VCT status any shares which were exempt before it lost its approval will not regain their exemption. This is because the company will not have been a VCT at the time the shares were acquired. In the case of withdrawal of provisional approval the company is deemed never to have been a VCT. And for withdrawal of full approval, or of provisional approval which has become full, there is a deemed disposal immediately before approval is withdrawn and a deemed reacquisition immediately after the approval has been withdrawn.
