Explanatory note
(This note is not part of the Regulations)
These Regulations amend the Venture Capital Trust Regulations 1995 (S.I. 1995/1979) (“the principal Regulations”).
Paragraph 5 of Schedule 10 to the Finance Act 2014 (c. 26) inserted into the Income Tax Act 2007 (c. 3) a new provision (section 330A) which provides that shares in a venture capital trust may be held through a nominee. As a consequence, these Regulations make a number of amendments to the principal Regulations.
Regulation 1 of these Regulations provides for citation and commencement.
Regulation 2 of these Regulations makes the following amendments to the principal Regulations:
the definition of “investor” in regulation 2 of the principal Regulations is amended so as to include persons who hold shares in a venture capital trust through a nominee;
regulation 9 of the principal Regulations is amended to make provision for the giving of certificates containing the specified particulars in cases where shares in a venture capital trust are issued to a nominee for an investor; and
regulations 24 and 25 of the principal Regulations are amended so as to provide that where shares in a venture capital trust are held by a nominee for an investor, both the nominee and the investor may be required to furnish information to the Board or make records available to the Board for inspection.
A Tax Information and Impact Note covering this instrument was published on 10 December 2013 alongside draft legislation for Finance Bill 2014 and is available at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.