Income Tax Act 2007 (c. 3)

Part 6 U.K. Venture capital trusts

Chapter 2 U.K. VCT relief

Supplementary U.K.

273 Interpretation of Chapter U.K.

(1) In this Chapter “eligible shares”, in relation to a company which is a VCT, means ordinary shares in the VCT which, throughout the period of 5 years beginning on the date on which they are issued, carry—

(a) no present or future preferential right to dividends or to a company's assets on its winding up, and

(b) no present or future right to be redeemed.

(2) In this Chapter references to a disposal of shares include references to a disposal of an interest or right in or over shares.