188体育

SI1995/1979 Regulation 21A

VCTs must make a return for each tax year (a year beginning on 6 April and ending on 5 April in the following year) containing particulars of amounts subscribed by investors for 鈥榚ligible shares鈥� in the year.

The actual amounts subscribed for shares in the VCT in the tax year must be supplied. Do not include amounts subscribed for in:

• other tax years, or
• other VCTs.

Amounts raised through a fund manager or investment house must not be included if a VCT has not issued shares to the investor. Subscribers are not eligible to claim tax relief until the shares have been issued.

S273 definition of 鈥榚ligible shares鈥�

鈥楨ligible shares鈥� are new, ordinary shares in the VCT which:

• have no present or future preferential right to dividends or to the company鈥檚 assets on its winding up, and
• no present or future right to be redeemed.

Note: the definition of 鈥榚ligible shares鈥� for this purpose differs from the definition of 鈥榚ligible shares鈥� as it relates to the VCT鈥檚 own investments - see VCM54150

For eligible shares subscribed for in the tax year the return must give:

• the full name of the investor;
• his/her permanent residential address, including postcode;
• his/her date of birth;
• if (s)he has one, their national insurance number;
• the amount paid in respect of the shares subscribed for in the year, and
• the date on which the amount was paid.

The return must be made within 6 months of the end of the tax year (that is by 6 October), or if earlier, within 6 months of the VCT ceasing to be approved.