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Legislation
Income Tax Act 2007

Crossheading Winding up

  • Section 314 Power to treat VCT-in-liquidation as VCT
  • Section 315 Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation
  • Section 316 Power to make provision about distributions by VCT-in-liquidation
  • Section 317 Power to facilitate disposal to VCT by VCT-in-liquidation
  • Section 318 Power in respect of periods before and after winding up
  • Section 319 Sections 314 to 318: supplementary
  • Section 320 Meaning of “VCT-in-liquidation”
  1. Winding up
  2. Power in respect of periods before and after winding up

Section 318 | Power in respect of periods before and after winding up

From legislation.gov.uk

(1)Any power under sections 314 to 317 to make provision in relation to a VCT-in-liquidation includes power to make corresponding or similar provision in relation to—

(a)a company for whose winding up an application has been made to a court and which is not a VCT-in-liquidation but would be if, at the time that the application was made, the court had ordered the company's winding up to commence at that time, or

(b)a company that has been a VCT-in-liquidation but no longer is a VCT-in-liquidation because it has been wound up.

(2)For the purposes of making provision in reliance on subsection (1), references in sections 314 to 317 (however expressed) to a VCT-in-liquidation's winding up, or the commencement or ending of its winding up, may be taken to be references to, or to the commencement or ending of, the extension period for a company to which subsection (1) applies.

(3)In this section—

“the extension period”—

(a)in relation to a company to which subsection (1)(a) applies, means the period beginning with the making of the application and ending with the earlier of its final determination and the company becoming a company that is being wound up, and

(b)in relation to a company to which subsection (1)(b) applies, means the period between the end of the company's winding up and the company's dissolution, and

“prescribed” means specified by, or determined under, regulations.

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