Q&As

Can shares acquired under an Advanced Subscription Agreement still qualify for venture capital trust (VCT) relief?

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Published on LexisPSL on 04/10/2018

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • Can shares acquired under an Advanced Subscription Agreement still qualify for venture capital trust (VCT) relief?

An Advanced Subscription Agreement (ASA) is an agreement:

  1. between an investor and a company

  2. for the investor to pre-pay for shares that are to be allotted and issued by the company in a subsequent funding round, and

  3. usually on terms that provide the investor with a discount to the price paid by other investors at the subsequent funding

Such agreements are commonly used to enable early stage companies to secure early funding while protecting the

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