(1)Regulations may make provision authorised by subsection (2) for cases where shares in or securities of a company are acquired by a VCT from a VCT-in-liquidation.
(2)The provision that may be made under subsection (1) for such a case is—
(a)provision for conditions mentioned in section 274(2) (conditions for approval as a VCT) to be treated for the purposes of section 274(1) as met, or as conditions that will be met, with respect to the VCT in relation to periods ending after the acquisition,
(b)provision for the shares or securities acquired to be treated, at times after the acquisition when they are held by the VCT, as meeting the requirements of Chapter 4 (provisions for determining whether shares or securities form part of qualifying holdings), and
(c)provision for shares in the VCT issued in connection with the acquisition of the shares or securities from the VCT-in-liquidation and either—
(i)issued to a person who is a member of the VCT-in-liquidation, or
(ii)issued to the VCT-in-liquidation and distributed by it in the course of its winding up or dissolution to a person who is one of its members,
to be treated, for the purposes of Schedule 5C to TCGA 1992 (VCTs: deferred charge on re-investment), as representing shares in the VCT-in-liquidation held by that person.
(3)Provision under subsection (1) may be made so as to apply in relation to shares or securities acquired from a VCT-in-liquidation—
(a)at any time during its winding up, or
(b)during periods of its winding up specified by, or determined under, regulations.
(4)In this section “securities” means any securities and includes any liability that is a security in relation to a company because of section 285(2) (securities).