{
  "url": "https://openlegislation.uk/venture-capital-trust-amendment-regulations-2016/regulation-3",
  "json_url": "https://openlegislation.uk/venture-capital-trust-amendment-regulations-2016/regulation-3.json",
  "legislation": "uksi/2016/1192",
  "legislation_title": "The Venture Capital Trust (Amendment) Regulations 2016",
  "legislation_url": "https://openlegislation.uk/venture-capital-trust-amendment-regulations-2016",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Regulation 22 (return containing particulars of investments)",
  "text": "(1) Regulation 22 is amended as follows.\n(2) In paragraph (1), after “paragraph (4)” insert “and regulation 22A”.\n(3) In paragraph (3), for “shorter” substitute “earlier”.\n(4) In paragraph (4)—\n(a) at the end of sub-paragraphs (d)(ii) and (e)(iii), omit “and”, and\n(b) after sub-paragraph (e)(iv) insert—\n“, and\n(v) the value at which the investment was disposed of;\n(f) in respect of each fund manager of the company during the specified period—\n(i) the name and address of its registered or principal office, and\n(ii) its Financial Services Register reference number;\n(g) where a new investment was made during the specified period—\n(i) immediately before the relevant holding was issued, the value of the relevant company’s gross assets, or if it was a parent company, the value of the group assets,\n(ii) the total investment in the relevant company at the investment date (within the meaning given by section 280B(3A)), less the value of the new investment,\n(iii) a description of each qualifying activity, whether carried on by the relevant company or one of the companies mentioned in section 291(7) and (8), for the purposes of which, at the time the relevant holding was issued, the money raised was intended to be used,\n(iv) when the relevant holding was issued, the relevant company’s full-time equivalent employee number, or if it was a parent company, the sum of the full-time equivalent employee number for it and each of its qualifying subsidiaries, and\n(v) whether or not the relevant company received a non-statutory opinion from Her Majesty’s Revenue and Customs on the eligibility of that investment as a qualifying holding, and if it did—\n(aa) whether that opinion indicated that the investment would or would not be likely to be eligible as such, and\n(bb) the date of that opinion;\n(h) where a new investment was made during the specified period, but after the end of the initial investing period of the relevant company—\n(i) under which of conditions A, B or C of section 280C the investment was made, and\n(ii) the date of the relevant first commercial sale made by the relevant company; and\n(i) where a new investment was made during the specified period and the relevant company was a knowledge-intensive company on the date the investment was made—\n(i) whether or not the total investment in the relevant company at the investment date exceeded the amount specified in section 280B(2)(b)(ii),\n(ii) whether or not the investment was made after the period specified in section 280C(3)(b), and\n(iii) whether or not the full-time equivalent employee number provided further to sub-paragraph (g)(iv) exceeded the number specified in section 297A(3A)(b) at the time the relevant holding was issued.\n(4A) Expressions used in Chapter 4 of Part 6 which are also used in sub-paragraphs (g), (h) and (i) of paragraph (4) have the same meaning in those sub-paragraphs as they do in that Chapter.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "The meaning of “parent company” is given by section 332."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "The meaning of “the value of the group assets” is given by section 297(3)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Section 280B(3A) was inserted by paragraph 4 of Schedule 6 to the Finance (No. 2) Act 2015."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "The meaning of “qualifying activity” is given by section 291."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "The meaning of “the relevant company” is given by section 286(1)."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "The meaning of “relevant holding” is given by section 286(1)."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "See sections 297A(3) and (4) for how to calculate the full-time equivalent employee number. Sections 297A(3) and (4) were inserted by paragraph 3 of Schedule 16 to the Finance Act 2007. Section 297A(4) was amended by paragraph 72 of Schedule 7 to the Children and Families Act 2014 (c. 6)."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "The meaning of “qualifying subsidiary” is given by section 302."
    },
    {
      "type": "footnote",
      "label": "f9",
      "text": "The meaning of “initial investing period” is given by section 294A(2). Section 294A was inserted by paragraph 11 of Schedule 6 to the Finance (No. 2) Act 2015 (c. 33)."
    },
    {
      "type": "footnote",
      "label": "f10",
      "text": "Section 280C was inserted by paragraph 5 of Schedule 6 to the Finance (No. 2) Act 2015."
    },
    {
      "type": "footnote",
      "label": "f11",
      "text": "The meaning of “relevant first commercial sale” is given by section 280C(7)."
    },
    {
      "type": "footnote",
      "label": "f12",
      "text": "The meaning of “knowledge-intensive company” is given by section 331A. Section 331A was inserted by paragraph 20 of Schedule 6 to the Finance (No. 2) Act 2015."
    },
    {
      "type": "footnote",
      "label": "f13",
      "text": "Section 280B(2) was inserted by paragraph 3 of Schedule 8 to the Finance Act 2012 (c. 14) and amended by paragraph 4 of Schedule 6 to the Finance (No. 2) Act 2015."
    },
    {
      "type": "footnote",
      "label": "f14",
      "text": "Section 297A(3A) was inserted by paragraph 12 of Schedule 6 to the Finance (No. 2) Act 2015."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2016/1192/regulation/3",
    "retrieved_at": "2026-10-28T23:17:19.874913+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}