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Contents

Official guidance
Venture Capital Schemes Manual

VCM54000 · VCT: VCT approval

  • VCM54010 · Introduction
  • VCM54020 · Conditions for full approval
  • VCM54030 · Conditions for provisional approval
  • VCM54040 · Listing condition
  • VCM54050 · Nature of the income condition
  • VCM54060 · Income retention condition
  • VCM54070 · 15% holding limit condition
  • VCM54080 · 70% qualifying holdings condition
  • VCM54090 · Definition of ‘securities’, and references to a company’s investments
  • VCM54095 · Non-qualifying loan investment
  • VCM54098 · Securities: commercial rates of return
  • VCM54100 · 70% qualifying holdings condition: disregard of disposals
  • VCM54110 · 70% qualifying holdings condition: disregard of disposals: example
  • VCM54120 · 70% qualifying holdings condition: disregard of disposals: qualifying holdings received
  • VCM54130 · 70% qualifying holdings condition: disregard of disposals: further share issues, multiple disposals and mergers
  • VCM54140 · 30% or 70% eligible shares condition
  • VCM54150 · Definition of ‘eligible shares’ in a holding
  • VCM54160 · Value of a holding
  • VCM54170 · Further share issues and the 70% and 30% or 70% tests
  • VCM54175 · Non-qualifying investments condition
  • VCM54180 · Investment limits condition
  • VCM54182 · Minimum investment on further issue condition
  • VCM54183 · Permitted maximum age condition
  • VCM54184 · No business acquisition condition
  • VCM54190 · Exchange of shares or securities in same company: valuation of the new holding
  • VCM54200 · Exchange of shares or securities in same company: valuation of retained shares
  • VCM54210 · Exchange of shares or securities for those in another company: valuation of the new holding
  • VCM54220 · Reconstruction involving the issue of shares or securities: valuation of new holding
  • VCM54230 · Share exchanges and reconstructions: earn-outs
  • VCM54240 · Issue of shares or securities: apportioning value
  • VCM54250 · Applications for approval: how to apply
  • VCM54260 · Applications for approval: full approval
  • VCM54270 · Applications for approval: provisional approval
  • VCM54280 · Applications for approval: declarations
  • VCM54290 · Applications for approval: informal application for provisional approval
  • VCM54300 · Applications for approval: approval notices
  • VCM54310 · Applications for approval: refusal
  • VCM54320 · Applications for approval: provisional approval becoming full
  • VCM54330 · Maintaining approval: where full approval given
  • VCM54340 · Maintaining approval: where provisional approval given
  • VCM54350 · Breach of approval conditions: circumstances in which a breach can occur
  • VCM54360 · Breach of approval conditions: circumstances in which approval will not be withdrawn
  • VCM54370 · Breach of approval conditions: meaning of ‘outside the control’
  • VCM54380 · Breach of approval conditions: notification of breach
  • VCM54390 · Breach of approval conditions: correction without delay
  • VCM54400 · Withdrawal of approval: when approval may be withdrawn
  • VCM54410 · Withdrawal of approval: breach of approval conditions
  • VCM54420 · Withdrawal of approval: effects of withdrawal of full approval
  • VCM54430 · Withdrawal of approval: effects of withdrawal of provisional approval
  • VCM54440 · Withdrawal of approval: withdrawal notices
  1. VCT: VCT approval: contents
  2. VCT: VCT approval: applications for approval: provisional approval becoming full

VCM54320 | VCT: VCT approval: applications for approval: provisional approval becoming full

From HM Revenue & Customs · Venture Capital Schemes Manual

Provisional approval will mature into full approval when the conditions for full approval are satisfied. No further application or approval notice is necessary.

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