Article 71 Payments: VCTSI1

United Kingdom

(1)

Where a VCTS participant has insufficient VCTS allowances to account for its activity during a scheme year in accordance with article 70, it must make a payment to the administrator in accordance with this article.

(2)

The payment amount is £86 for each unit of a VCTS participant’s activity during a scheme year, measured in accordance with article 68, which the participant does not account for by surrendering a VCTS allowance to the administrator on or before 31st December of the year following that scheme year.

(3)

Where the payment amount referred to in paragraph (2) is not a whole number of pence, the amount is to be rounded to the nearest whole number of pence.

(4)

The administrator must give a VCTS participant notice of a requirement to make a payment in accordance with this article (referred to in this article as a “payment notice”).

(5)

A payment notice must be in writing and must set out—

(a)

the amount of the payment and how the amount is calculated;

(b)

the date by which payment must be made, which must not be less than 30 days after the date on which the notice is given;

(c)

that payment must be made to the administrator;

(d)

how payment must be made; and

(e)

information about rights of appeal.

(6)

A VCTS participant which receives a payment notice under this article must make the payment in accordance with the notice.

(7)

The administrator must pay any payment received under this article into the consolidated fund.

Annotations

Commencement

I1: Art. 71 in force at 3.1.2024, see art. 1(b)