The Venture Capital Trust (Amendment) Regulations 1999

• Citation: S.I. 1999/819
• Sections: 6

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Venture Capital Trust (Amendment) Regulations 1999 and shall come into force on 6th April 1999.

(2) These Regulations have effect with respect to any distribution made by a venture capital trust on or after 6th April 1999.

Section 2 Interpretation

In these Regulations–

“the principal Regulations ” means the Venture Capital Trust Regulations 1995 ;

“regulation” means a regulation of the principal Regulations;

“venture capital trust” has the meaning given by section 842AA of the Income and Corporation Taxes Act 1988 .

Section 3 Amendments to the principal Regulations

In regulation 2(1) the definitions of “enduring declaration” and “permitted maximum” shall be omitted.

Section 4 Amendments to the principal Regulations

Chapter II of Part III of the principal Regulations, comprising regulations 10 to 21, shall be omitted.

Section 5 Amendments to the principal Regulations

In Part IV of the principal Regulations, immediately before regulation 22, there shall be inserted the following regulation–

Return containing particulars of amounts subscribed for eligible shares

(21A)

(1) A company which at any time in the period specified in paragraph (2) below (“the specified period”) is a trust company, shall deliver to the Board, in respect of the specified period and within the time limit specified in paragraph (3) below, a return containing, in respect of each amount subscribed by any investor for eligible shares in the specified period, the particulars specified in paragraph (4) below.

(2) The specified period is–

(a) a year, or

(b) a period beginning on the 6th April and ending on the day on which that company ceased to be approved as a trust company,

whichever is the shorter.

(3) The time limit specified is–

(a) six months after the end of the year, or

(b) six months after the day on which the company ceased to be approved as a trust company,

whichever is the earlier.

(4) The particulars specified are–

(a) the full name of the investor,

(b) his permanent residential address, including postcode,

(c) his date of birth,

(d) if he has one, his national insurance number,

(e) the amount paid in respect of eligible shares subscribed for in that period, and

(f) the date on which that amount was paid.

(5) A return under this regulation shall be in such form as the Board may prescribe or authorise.

Section 6 Amendments to the principal Regulations

In regulation 22(4)–

(a) the word “and” immediately following sub-paragraph (c) shall be omitted;

(b) after sub-paragraph (d) there shall be added

and

(e) in respect of each disposal of an investment by the company during the specified period–

(i) the name of the company in which the investment was held,

(ii) the address of that company’s registered or principal office,

(iii) the date of the disposal, and

(iv) the value, immediately after the disposal, computed in accordance with subsections (5) and (11) of section 842AA, of the remainder of any holding of investments from which the disposal was made.