Section 318 — Income Tax Act 2007: Power in respect of periods before and after winding up

Power in respect of periods before and after winding up 318 1 Any power under sections 314 to 317 to make provision in relation to a VCT-in-liquidation includes power to make corresponding or similar provision in relation to—

a a company for whose winding up an application has been made to a court and which is not a VCT-in-liquidation but would be if, at the time that the application was made, the court had ordered the company's winding up to commence at that time, or b a company that has been a VCT-in-liquidation but no longer is a VCT-in-liquidation because it has been wound up.

2 For the purposes of making provision in reliance on subsection (1), references in sections 314 to 317 (however expressed) to a VCT-in-liquidation's winding up, or the commencement or ending of its winding up, may be taken to be references to, or to the commencement or ending of, the extension period for a company to which subsection (1) applies.

3 In this section— “the extension period”—

in relation to a company to which subsection (1)(a) applies, means the period beginning with the making of the application and ending with the earlier of its final determination and the company becoming a company that is being wound up, and in relation to a company to which subsection (1)(b) applies, means the period between the end of the company's winding up and the company's dissolution, and “ prescribed ” means specified by, or determined under, regulations.