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Up to £200,000 relief may be claimed (restricted to the lower rate of tax) for shares in Venture Capital Trusts. The client must be aged 18 or over when the shares where issued to qualify for relief.
Name - enter the name of the trust fund, this information is not used on the tax return.
Shares - enter the number of shares and the purchase date, this information is not used in the tax return. Enter the amount paid for the shares. Tick disposed of if all shares were disposed of, this will prevent the share from being transferred forward to the following tax year.
Claim - enter the date claim for relief was made, ensure the "for year end field is completed" using the current tax year- the computation will not show the claim unless this field is completed.
Totals - the totals area shows the amount of relief claimed for the displayed share holding and for all share holdings. The maximum claim for relief in a tax year is £200,000.
Retain any certificates provided by VCTs.
Click Disposals to enter details of disposals made within five years of the issue of the shares. The Revenue will claw back relief in these cases. This is for your information as IRIS will not insert a charge for the amount clawed back.
From 2007 the minimum period for which qualifying investors in VCTs must hold their shares rises from three to five years.
