Section 263 | Form and amount of relief

(1)An individual who—

(a)is entitled to claim VCT relief for a tax year, and

(b)claims such relief for the year on any amount,

is entitled to a tax reduction for the year.

(2)The tax reduction is equal to 20% of the amount in respect of which the claim is made.

(3)The tax reduction is given effect at Step 6 of the calculation in section 23.