SolvedVCM77060 | Share Loss Relief: individual and corporate claimants: corporate claimants: other relevant guidance
From HM Revenue & Customs · Venture Capital Schemes Manual
The following table shows the statute and guidance relevant to the main aspects of Share Loss Relief as claimed by companies. It also shows the corresponding statute relating to claims by individuals.
| Technical issue (condition) | CTA 2010 | ICTA 1988 | Corresponding ITA 2007 | Guidance |
|---|---|---|---|---|
| Definitions of main terms | S90 | No counterpart | S151 | VCM71020+ |
| Meaning of ‘research and development’ | S1138 | S837A | S1006 | VCM71020 |
| Claimant’s eligibility | S69 | S573(1) etc | No counterpart in ITA | VCM77030 |
| Shares must be subscribed for | S68(1) | S573(1) | S131(2)(b) ITA | VCM70150 |
| Meaning of ‘subscribed for [shares]’ | S73 | S573(6) | S135(2)&(4) | VCM74060 |
| Terms of disposal of shares | S68(2) | S575(1) | S131(3) ITA | VCM70150 and VCM74090 |
| Exclusion where anti-avoidance measures apply | S68(3) | S575(3) | S131(4) | VCM73010 |
| Claims and giving relief | Ss70-72 | S573(2)-(4A) | No relevant counterpart in ITA | VCM75290 and VCM77040+ |
| Disposals of new shares identified with old shares under TCGA92/S127 | S74 | S575(2) | S136 | VCM75330+ |
| Limits on relief where shares are or were part of a holding of shares | S75 | S576(1) (part) | S147 | VCM75400+ |
| Share identification where shares form part of a mixed holding | S76 | S576(1) & (1C) \n(part) | S148 | VCM75400+ and VCM77070 (CTA version of S148(3)(b)) |
| Share identification where shares form part of a mixed holding: taking account of TCGA92/S127 and nominees and bare trustees | S77 | No counterpart | S149(2)-(5) | VCM75490 |
Qualifying trading company:
| Condition | CTA 2010 | ICTA 1988 | Corresponding ITA 2007 | Guidance |
|---|---|---|---|---|
| Condition A | S78(2) | S576A(2) | S134(2) | VCM74500, VCM74990 |
| trading requirement | S79 & S80 | S576B & S576C | S137 & S138 | VCM74610 |
| excluded activities | S79(7) | S576B(7) | S137(7) | VCM3000+ |
| control and independence requirement | S81 | S576D | S139 | VCM74900+ |
| qualifying subsidiaries requirement | S82 | S576E | S140 | VCM74920+ |
| property managing subsidiaries requirement | S83 | S576F | S141 | VCM74950+ |
| Condition B | S78(3) | S576A(3) | S134(3) | VCM75000 |
| Condition C | S78(4) | S576A(4) | S134(4) | VCM75100+ |
| gross assets requirement | S84 | S576G | S142 | VCM75100 |
| unquoted status requirement | S85 | S576H | S143 | VCM75110 |
| Condition D (repealed for share disposals made on or after 24 January 2019) | S78(5) | S576A(5) | S134(5) | VCM75120 |
| Relief after share for share exchanges | S87 & S88 | S576J & S576K | S145 & S146 | VCM75350+ |