Statutory Instruments
2015 No. 361
Income Tax
The Venture Capital Trust (Winding up and Mergers) (Tax) (Amendment) Regulations 2015
Made
24th February 2015
Laid before the House of Commons
25th February 2015
Coming into force
19th March 2015
The Treasury make the following Regulations in exercise of the powers conferred by sections 321(1), 322(5A) and 324(1)(e) of the Income Tax Act 2007( 1 ).
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Venture Capital Trust (Winding up and Mergers) (Tax) (Amendment) Regulations 2015 and come into force on 19th March 2015.
(2) Regulation 2 has effect in relation to new shares issued on or after 6th April 2014.
(3) In this regulation, “” has the same meaning as in regulation 13 of the Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004( 2 ).
Amendment of the Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004
2. —(1)The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004 are amended as follows.
(2) After paragraph (9) of regulation 13 insert—
“ (10) Section 281(1)(f) ( 3 ) applies to a successor company except—
(a) it does not apply in relation to new shares issued on or after 6th April 2014 which correspond to old shares that were issued before that date, and
(b) in relation to new shares issued on or after 6th April 2014 which correspond to old shares that were issued on or after that date—
(i) those new shares are treated as having been issued at the same time as those old shares, and
(ii) the amount of the successor company’s share capital and share premium in respect of those new shares is treated as the amount of share capital and share premium of the merging company in respect of those old shares. ” .
Harriett Baldwin
Gavin Barwell
Two of the Lords Commissioners for Her Majesty’s Treasury
24th February 2015
2007 c. 3 ; subsection (5A) of section 322 was inserted by paragraph 4 of Schedule 10 to the Finance Act 2014 (c. 26) .
S.I. 2004/2199 , amended by S.I. 2011/660 ; there are other amending instruments but none is relevant.
Sub-paragraph (f) of section 281(1) was inserted by paragraph 3 of Schedule 10 to the Finance Act 2014.