Explanatory Notes

Income Tax Act 2007

2007 CHAPTER 3

20 March 2007

Commentary on Sections

Part 6: Venture capital trusts

Overview

Chapter 3: VCT approvals
Overview
Section 284: Power to make regulations as to procedure

852.This section gives the Treasury powers to make regulations regarding VCT approvals, the obligations of VCTs in relation to certain matters and the persons liable to account for tax consequent on withdrawal of VCT approval. It is based on section 73(2) of FA 1995.

853.This power has been used in relation to the Venture Capital Trust Regulations 1995 (SI 1995/1979).