E3.232 VCT Company Approval—The Income Retention Condition

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Commentary

Personal and employment tax

Subject to the exceptions described below, a company is not approved as a VCT if it retains an amount greater than 15% of the gross income it derives in the relevant period from shares and securities¹.

This means that the company must distribute at least 85% of its income from shares and securities and 100% of

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I9.421 Situs of simple contract debts for IHT

C3.1814A CGT exempt assets—qualifying corporate bonds (QCB)

A4.214 Claims following further assessments—income tax and capital gains tax

I3.750 POAT—introduction to existing arrangements

D7.1140 Methods of leaving the REIT regime

B5.123 BPS—negligible value claims

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