Budget 2004

Grant Thornton


Personal Taxation

Grant Thornton

Venture Capital Trusts (VCT)*

  • income tax relief at 40% of subscription for investments between 6 April 2004 and 5 April 2006 (20% of subscription 2003/2004)
  • maximum subscription £200,000 per tax year (£100,000 pre 6 April 2004)
  • shareholders exempt from tax on dividends
  • disposals exempt from capital gains tax
  • chargeable gains deferred on reinvestment pre 6 April 2004 into VCT shares between 12 months before and 12 months after date of gain (£100,000 limit)
  • income tax relief holding period 3 years (5 years for shares issued pre 6 April 2000)

* Qualification rules are complex, Inland Revenue approval required

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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