Part 6Venture capital trusts
Chapter 5Powers: winding up and mergers of VCTs
Winding up
315Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation
1
Regulations may make provision for conditions mentioned in section 274(2) (conditions for approval as a VCT) to be treated for the purposes of section 274(1) as met, or as conditions that will be met, with respect to a VCT-in-liquidation.
2
Provision under subsection (1) may be made so as to apply in relation to a VCT-in-liquidation—
a
throughout its winding up, or
b
during prescribed periods of its winding up.
3
Regulations may, for purposes of tax enactments specified by the regulations, make provision for VCT approval to be treated as having been withdrawn, with effect from a time specified by or determined under the regulations, from a VCT-in-liquidation from which the Commissioners for Her Majesty's Revenue and Customs would have power to withdraw such approval but for provision made under subsection (1).