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GLOSSARY

Venture capital trust (VCT) definition

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What does Venture capital trust (VCT) mean?

A company whose shares are listed on an EU-regulated market and which complies with various other requirements. An individual investor in a venture capital trust is entitled to 30% income tax relief on the amount invested up to £200,000 provided that the investor's venture capital trust shares are held for at least five years. Investors in venture capital trusts also receive an exemption from capital gains tax on any gains on the sale of the venture capital trust's shares and exemption from income tax on dividends from the venture capital trust.

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Qualifying holding advance assurance letter—VCT

Qualifying holding advance assurance letter—VCT Venture Capital Reliefs Team HM Revenue and Customs WMBC BX9 1QL [Insert date] [ Commercially sensitive information ] Dear [insert organisation name] Proposed investment by venture capital trust—request for advance assurance of qualifying holding in [name of company] 1 Background to the advance assurance request and our authority to act as agent 1.1 We are writing to request the advance assurance of HM Revenue & Customs (HMRC) that: 1.1.1 the shares [and securities] proposed to be issued by the [name of company] (the Company) to [name of VCT] (the VCT), which is managed by [insert name of VCT manager], as outlined in this letter (the Relevant Holding) will constitute a qualifying holding for the purposes of Chapter 4 of Part 6 to the Income Tax Act 2007 (ITA 2007); and 1.1.2 the [insert number of shares] [insert nominal value] ordinary shares proposed to be issued by the Company to the VCT at a price of [insert amount]...

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