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LONDON (Alliance News) - Six Maven Income and Growth venture capital trusts Wednesday added their names to the growing number of companies waiting for HM Revenue & Customs to clear up what several industry voices have called "ambiguous" provisions of the 2014 Finance Bill.
The 2014 Finance Bill contains certain changes to regulations that would apply to VCT shares issued on or after April 6.
Maven Income and Growth VCT PLC, Maven Income and Growth VCT 2 PLC, Maven Income and Growth VCT 3 PLC, Maven Income and Growth VCT 4 PLC, Maven Income and Growth VCT 5 PLC and Maven Income and Growth VCT 6 PLC have postponed any allotment of new shares under an offer for subscription for the 2014-15 tax year.
On October 24, the VCTs published a prospectus in relation to offers for subscription to raise up to GBP20.0 million, together with an over-allotment facility for up to GBP5.0 million.
The offer closed on April 5 in relation to the last tax year, but the offer in relation to the 2014-15 tax year was intended to close Wednesday unless fully subscribed by an earlier date or extended.
In a statement, the VCTs said they have been advised that "certain provisions of the Bill are ambiguous."
According to the advice, if an allotment were to be made after April 6, it could be interpreted in a manner that would have "serious and adverse tax consequences" for all shareholders.
"Although HM Treasury have acknowledged the concerns made by the VCT industry regarding these provisions, and have agreed that amendments will be made to them, the relevant amendments have not yet been published. Any amendments will also be subject to Parliamentary review and debate," according to the statement.
The changes in the 2014 tax bill have been addressed by a number of VCTs seeking clarification on the matter.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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