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Contents

Official guidance
Venture Capital Schemes Manual

VCM55000 · VCT: VCT qualifying holdings

  • VCM55010 · Introduction
  • VCM55020 · Overview of requirements
  • VCM55030 · UK permanent establishment requirement
  • VCM55040 · Meaning of 'permanent establishment'
  • VCM55050 · Financial health requirement
  • VCM55060 · Maximum qualifying investment
  • VCM55070 · Guaranteed loans
  • VCM55080 · Proportion of eligible shares (10% minimum equity) requirement
  • VCM55090 · Trading requirement
  • VCM55100 · Meaning of ‘qualifying trade’
  • VCM55110 · Carrying on of a qualifying activity
  • VCM55120 · Ceasing to meet requirements because of administration or receivership
  • VCM55130 · Amount raised through risk finance investments requirement: overview
  • VCM55131 · Amount raised through risk finance investments requirement: maximum amount raised annually
  • VCM55132 · VCT qualifying holdings: amount raised through risk finance investments requirement: maximum amount raised in the company’s lifetime
  • VCM55140 · Spending of SEIS money
  • VCM55150 · Employment of money raised
  • VCM55160 · Company using the money
  • VCM55170 · Meaning of 'qualifying 90% subsidiary'
  • VCM55175 · VCT: VCT qualifying holding: permitted company age
  • VCM55180 · Unquoted status requirement
  • VCM55190 · Control requirement
  • VCM55200 · Independence requirement
  • VCM55210 · Meaning of ‘control’
  • VCM55220 · Meaning of ‘relevant fixed rate preference shares’
  • VCM55230 · Meaning of ‘connected’
  • VCM55240 · Gross assets test
  • VCM55250 · Employee numbers requirement
  • VCM55255 · Proportion of skilled employees
  • VCM55260 · Qualifying subsidiaries requirement
  • VCM55270 · Property managing subsidiaries requirement
  • VCM55280 · No disqualifying arrangements requirement
  • VCM55290 · Exchange for shares in new holding company
  • VCM55300 · Effect of conversion
  • VCM55310 · Effect of reorganisation
  • VCM55320 · Exchange of shares or securities for shares or securities in the same company
  • VCM55330 · Exchange of shares or securities for shares or securities in another company
  • VCM55340 · Scheme of reconstruction involving issue of shares or securities
  • VCM55350 · Company reconstructions and reorganisations: definition of ‘fully tradeable’
  • VCM55355 · Meaning of 'knowledge-intensive company'
  • VCM55420 · Examination of accounts
  • VCM55430 · Information powers
  • VCM55440 · Liaison with CTIAA
  • VCM55360 · Requests for advance assurances: overview
  • VCM55380 · Requests for advance assurance: dealing with applications
  • VCM55390 · Requests for advance assurance: where HMRC will not be bound by an assurance given
  • VCM55400 · Requests for advance assurances: circumstances where HMRC will not give an advance assurance
  1. VCT: VCT qualifying holdings: contents
  2. VCT: VCT qualifying holdings: control requirement

VCM55190 | VCT: VCT qualifying holdings: control requirement

From HM Revenue & Customs · Venture Capital Schemes Manual

ITA07/S296(1)

The relevant company must not control (whether on its own or with any person connected with it) any company which is not a qualifying subsidiary of the relevant company, and there must be no arrangements in place which could result in that happening.

See VCM55210 for the meaning of ‘control’ in this section, and VCM55230 for the meaning of ‘connected’.

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