The Venture Capital Trust (Exchange of Shares and Securities) Regulations 2002
These Regulations make provision for ensuring that a venture capital trust continues to be approved by the Board of Inland Revenue for tax relief purposes in cases where shares or securities held by the venture capital trust are exchanged for other shares and securities and not for cash. The Regulations specify cases and conditions where the new holding of shares and securities arising from the exchange is treated as meeting the requirements of section 842AA(2)(b) to (d) of, and Schedule 28B (“Schedule 28B”) to, the Income and Corporation Taxes Act 1988 relating to qualifying holdings in venture capital trusts. (Schedule 28B was inserted by section 70(2) of the Finance Act 1995 (c. 4)).