31 VCTs: requirements for giving approval
Finance Act 2016 (2016 c 24) | Legislation

31  VCTs: requirements for giving approval

(1)     Section 274 of ITA 2007 (requirements for the giving of approval) is amended as follows.

(2)     In the table in subsection (2), after the entry beginning “The 70% eligible shares condition” insert—

“The non-qualifying investments conditionThe company has not made and will not make, in the relevant period, an investment which is neither of the following—
(a)     an investment that on the date it is made is included in the company's qualifying holdings;
(b)     an investment falling within subsection
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