Section 321 | Power to facilitate mergers of VCTs

(1)Regulations may make provision authorised by section 322 for cases where—

(a)there is a merger of two or more companies each of which is a VCT immediately before the merger begins to be effected, and

(b)the merger is for genuine commercial reasons and is not part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.

(2)Provision made by regulations under subsection (1) applies—

(a)in cases, and

(b)subject to conditions (including conditions requiring approvals to be obtained),

specified by the regulations.