Commentary on Sections Overview Overview Section 274: Requirements for the giving of approval
824.This section sets out the conditions which must be met before the Commissioners for Her Majesty’s Revenue and Customs are able to approve a company as a VCT. It is based on section 842AA(2) and (3) of ICTA.
825.Subsection (1) specifies the accounting periods in relation to which the conditions have to be met.
826.Subsection (2) gives labels to each of the conditions in section 842AA(2) of ICTA, changes the order in which they appear and uses a tabular layout as an aid to navigation.
827.References in the conditions to qualifying holdings and eligible shares are explained in section 285(1) and (2).
828.Subsection (3) provides a signpost to the provisions that contain material supplementing some of the conditions listed in the table.