Commentary on Sections Overview
794.This Part provides income tax reductions to individuals who subscribe money for full risk shares in certain quoted companies that, in turn, mainly provide additional equity and loan finance to smaller unquoted trading (or certain other) companies with which the quoted company is not connected.
795.The structure of the Part is as follows:
	An overview and a definition of venture capital trust (“VCT”) (Chapter 1);
	The tax reduction and related matters (Chapter 2);
	Conditions for approving a company for the purposes of this Part and related matters (Chapter 3);
	The meaning of “qualifying holding” (Chapter 4);
	Powers to make regulations relating to VCT winding up or mergers (Chapter 5); and
	Supplementary provisions (Chapter 6).
796.In contrast to the enterprise investment scheme (EIS), section 1034(1) (commencement) applies to the VCT scheme: see the overview to Part 5. The minor changes made to the law in this Part are the subject of transitional provisions in Part 8 of Schedule 2.