VCM68040 - VCT: deferral relief: which
individuals qualify?
TCGA92/SCH5C/PARA1 (4)
To qualify for relief the investor must be resident or
ordinarily resident in the UK at the date the gain accrued and on
the date they subscribed for the shares. They cannot claim relief
if:
- they are also treated as resident in
another country by virtue of double taxation relief arrangements,
and
- they would not be liable to CGT if the VCT
shares were immediately sold at a gain (ignoring for this purpose
CGT disposal relief for VCT shares).
VCT deferral relief is abolished for shares issued after 5 April
2004.
