Section 295 — Income Tax Act 2007: The unquoted status requirement

The unquoted status requirement 295 1 The requirement of this section is that the relevant company must be an unquoted company.

2 In this section “ unquoted company ” means a company none of whose shares, stocks, debentures or other securities are marketed to the general public.

3 For the purposes of subsection (2), shares, stocks, debentures or other securities are marketed to the general public if they are—

a listed on a recognised stock exchange, b listed on a designated exchange in a country outside the United Kingdom, or c dealt in ... outside the United Kingdom by such means as may be designated.

4 In subsection (3)(b) and (c) “ designated ” means designated by an order made by the Commissioners for Her Majesty's Revenue and Customs for the purposes of that provision.

5 An order made for the purposes of subsection (3)(b) may designate an exchange by name, or by reference to any class or description of exchanges, including a class or description framed by reference to any authority or approval given in a country outside the United Kingdom.

6 If—

a any shares in or securities of a company are included in the qualifying holdings of the investing company, and b that company ceases to be an unquoted company at any time while the investing company is approved as a VCT, the requirements of this section are to be treated, in relation to shares or securities acquired before that time, as continuing to be met for a period of 5 years after that time.