Despite the withdrawal of deferral relief for shares issued after 5 April 2004, gains previously deferred will still be brought back into charge on the occurrence of the certain chargeable events (see E3.225).
On the occasion of a chargeable event the gain postponed is brought directly into charge (see E3.227). If that event is a disposal of VCT shares, any gain on that disposal is calculated in the ordinary way and (subject to any exemption available) is taxable together with the postponed gain. The postponed gain is assessed when there is a 'chargeable event' in relation to the VCT shares on the basis of the investment in which the deferral relief was claimed.
Definitions of legislative terms
| Term | Definition |
| Investor | This is the individual who claimed postponement of a gain by virtue of making a qualifying investment1. |
| Original gain | This is the chargeable gain which was postponed2. |
| Qualifying investment and |
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