The Venture Capital Trust (Exchange of Shares and Securities) (Amendment) Regulations, SI 2018/109, specify conditions in which VCTs can exchange shares or securities for new shares or securities in the course of company reconstructions without losing approved status, provided the new non-qualifying shares or securities are held for a limited period only (broadly, 12 months for shares and 18 months for securities). HM Treasury consulted during December and January on a draft version, following which the relevant time limits have been doubled in the final regulations. The regulations come into force on 22 February 2018.
The Venture Capital Trust (Exchange of Shares and Securities) (Amendment) Regulations, SI 2018/109, specify conditions in which VCTs can exchange shares or securities for new shares or securities in the course of company reconstructions without losing approved status, provided the new non-qualifying shares or securities are held for a limited period only (broadly, 12 months for shares and 18 months for securities). HM Treasury consulted during December and January on a draft version, following which the relevant time limits have been doubled in the final regulations. The regulations come into force on 22 February 2018.
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