274 Requirements for the giving of approval
Income Tax Act 2007 (2007 c 3) | Legislation

Chapter 3
VCT Approvals

Giving of approval

274  Requirements for the giving of approval

(1)     Subject to section 275, the Commissioners for Her Majesty's Revenue and Customs must not approve a company for the purposes of this Part unless it is shown to their satisfaction that the conditions mentioned in subsection (2)—

(a)     are met in relation to the most recent complete accounting period of the company, and

(b)     will be met in relation to the accounting period of the company which is current when the application for approval is made.

(2)     The conditions applied by subsection (1) (which are also applied by section 275(1) and other provisions of this Chapter) are set out in column 2 of the following table together with, in column 1 of the table, the descriptions by which they are referred to.

In each of those conditions “the relevant period” means the accounting period that is relevant for the purposes of the particular provision by which the condition is applied.

DescriptionCondition
The listing conditionThe shares making up the company's ordinary share capital (or, if there are such shares of more than one class, those of each class) have been or will be [[admitted
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