An essential feature of the relief is that ‘front-end'
income tax relief on the shares has been given, see
VCM68030. If the gain arises in the tax
year before the investment, deferral relief cannot be given
immediately. For 1995-96, an appropriate postponement application
can be accepted but it should be noted that the normal interest
provisions apply if it turns out that no deferral relief is due.
Under SA, there is no provision for a postponement application in
these circumstances.
A claim cannot be submitted until the qualifying investment
has been made.
For claims and elections under SA see EM6700 onwards.
VCT deferral relief is abolished for shares issued after 5
April 2004.
