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VCM54400 | VCT: VCT approval: withdrawal of approval: when approval may be withdrawn

From HM Revenue & Customs · Venture Capital Schemes Manual

Approval may be withdrawn by CTIAA where they have reasonable grounds for believing that:

  • the conditions for approval were not met at the time of the approval;

  • in a case where they were satisfied that a condition would be met in relation to any period, that condition will not be, or has not been, met in that period;

  • in a case of provisional approval, any additional condition included in the approval notice (VCM54300) has not been met;

  • in a case of full approval, or where provisional approval has become full (VCM54320), a condition was not, or will not be, met in relation to the company’s last or current accounting period; or

  • in a case where there has been a further issue of ordinary shares (see VCM54170), the conditions for approval will not be met in the first accounting period to which the relaxation, in respect of the additional funds, does not apply.