HMRC has updated the guidance in its Venture Capital Schemes Manual on venture capital trusts (VCTs) to reflect changes made by Finance Act 2018. The changes include:
• guidance on advance assurance. HMRC will not routinely provide an opinion on “knowledge intensive company” status. It will consider such status only if the proposed investment would otherwise breach the rules for a qualifying holding.
• additional guidance on the “operating costs” conditions. Guidance is provided on the extension to start-up companies.
A copy of HMRC’s Venture Capital Schemes Manual can be viewed here.