# Income Tax Act 2007, Section 318: Power in respect of periods before and after winding up


(1) Any power under sections 314 to 317 to make provision in relation to a VCT-in-liquidation includes power to make corresponding or similar provision in relation to—
(a) a company for whose winding up an application has been made to a court and which is not a VCT-in-liquidation but would be if, at the time that the application was made, the court had ordered the company's winding up to commence at that time, or
(b) a company that has been a VCT-in-liquidation but no longer is a VCT-in-liquidation because it has been wound up.
(2) For the purposes of making provision in reliance on subsection (1), references in sections 314 to 317 (however expressed) to a VCT-in-liquidation's winding up, or the commencement or ending of its winding up, may be taken to be references to, or to the commencement or ending of, the extension period for a company to which subsection (1) applies.
(3) In this section—
“the extension period”—
(a)in relation to a company to which subsection (1)(a) applies, means the period beginning with the making of the application and ending with the earlier of its final determination and the company becoming a company that is being wound up, and
(b)in relation to a company to which subsection (1)(b) applies, means the period between the end of the company's winding up and the company's dissolution, and
“prescribed” means specified by, or determined under, regulations.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/318 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-318
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.