Statutory Instruments
2014 No. 1929
Income Tax
The Venture Capital Trust (Amendment) Regulations 2014
Made
21st July 2014
Laid before the House of Commons
22nd July 2014
Coming into force
12th August 2014
The Treasury make the following Regulations in exercise of the powers conferred by sections 272(2) and (3) and 284 of the Income Tax Act 2007( 1 ).
Citation and commencement
1. These Regulations may be cited as the Venture Capital Trust (Amendment) Regulations 2014 and come into force on 12th August 2014.
Amendments to the Venture Capital Trust Regulations 1995
2. —(1) The Venture Capital Trust Regulations 1995( 2 ) are amended as follows.
(2) In paragraph (1) of regulation 2 (interpretation) for the definition of “investor” substitute—
“ “investor” means a person—
who holds or has held shares in a company which is or has been a trust company, or
for whom a nominee holds or has held shares in a company which is or has been a trust company; ” .
(3) In regulation 9 (certificate to be given to investor)—
(a) in paragraph (1)—
(i) for “individual” substitute “investor (who is an individual)”, and
(ii) after “whom” insert “(or to whose nominee)”,
(b) in paragraph (2)(c) after “him” insert “(or to his nominee)”, and
(c) in paragraph (3)(a) after “investor” insert “(or to his nominee)”.
(4) For paragraph (1) of regulation 24 (information to be provided to the Board) substitute—
“ (1) The Board may by notice require—
(a) any company which is or has been a trust company,
(b) any investor, or
(c) any nominee for an investor,
within such period as may be specified in the notice, to furnish them with such information as they may reasonably require for the purposes of Part 6 or these Regulations. ” .
(5) For paragraph (1) of regulation 25 (inspection of records by officer of the Board) substitute—
“ (1) The Board may by notice require—
(a) any company which is or has been a trust company,
(b) any investor, or
(c) any nominee for an investor,
within such period as may be specified in the notice, to make available for inspection by an officer of the Board authorised for that purpose such accounts, records and other information as are in that person’s possession or under that person’s control as the Board may reasonably require for the purposes of Part 6 or these Regulations. ” .
Mark Lancaster
David Evennett
Two of the Lords Commissioners of Her Majesty’s Treasury
21st July 2014
2007 c. 3 ; section 284 was amended by paragraph 21 of Schedule 16 and paragraph 16 of Part 2 of Schedule 27 to the Finance Act 2007 (c. 11) , and by paragraph 5 of Schedule 10 to the Finance Act 2014 (c. 26) .
S.I. 1995/1979 ; relevant amending instruments are S.I. 1999/819 and 2008/1893 .