Section 315 — Income Tax Act 2007: Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation

Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation 315 1 Regulations may make provision for conditions mentioned in section 274(2) (conditions for approval as a VCT) to be treated for the purposes of section 274(1) as met, or as conditions that will be met, with respect to a VCT-in-liquidation.

2 Provision under subsection (1) may be made so as to apply in relation to a VCT-in-liquidation—

a throughout its winding up, or b during prescribed periods of its winding up.

3 Regulations may, for purposes of tax enactments specified by the regulations, make provision for VCT approval to be treated as having been withdrawn, with effect from a time specified by or determined under the regulations, from a VCT-in-liquidation from which the Commissioners for Her Majesty's Revenue and Customs would have power to withdraw such approval but for provision made under subsection (1).