188体育

ITA07/S261

Individuals aged 18 or over who subscribe on their own behalf for new ordinary shares in VCTs (鈥榠nvestors鈥�) are entitled to 鈥榝ront-end鈥� income tax relief on subscriptions up to the 鈥榩ermitted maximum鈥� of (拢200,000 per tax year for tax years 2004-05 onwards (拢100,000 for previous tax years)).

The reference to 鈥榯ax year鈥� here means a year beginning on 6 April and ending on 5 April in the following year.

To retain the relief shares must be retained for a minimum holding period. Shares issued on or after 5 April 2006 must be held for at least five years.

The shares must, throughout this minimum holding period, carry no present or future preferential rights to dividends or to the VCT鈥檚 assets on winding up and no present or future rights to be redeemed.