Seema Malhotra – 2016 Parliamentary Question to the HM Treasury
The below Parliamentary question was asked by Seema Malhotra on 2016-05-25.
To ask Mr Chancellor of the Exchequer, what the average length of time between an application being made for a Venture Capital Trust Scheme and the scheme taking effect was in each of the last six years.
Mr David Gauke
The average time between a company applying to HM Revenue and Customs (HMRC) for approval as a Venture Capital Trust (VCT) and receiving approval in the last six tax years was as follows:
|
Tax year |
Number of VCTs approved |
Average time taken to approve applications (days) |
|
2010-11 |
16 |
7 |
|
2011-12 |
6 |
9 |
|
2012-13 to 2015-16 |
6 |
16 |
Notes
-
The information for the years 2012-13 to 2015-16 has been grouped owing to the low numbers of VCTs seeking approval in each of those years. Disclosure of average times in each of those years could identify specific companies.
-
The number of VCTs approved each year is provided in order to give context for the averages reported.
-
The average time includes non-working days such as weekends and public holidays. Fractions of days are rounded up to the nearest day.
-
The amount of time taken to approve a company as a VCT depends upon the specific facts of each case. Two cases in the period from 2012-13 to 2015-16 had significantly longer approval times, raising the average for this period. If those cases were excluded, the average time would have been 10 days.
-
A company cannot raise funds from VCT investors until it has been listed on a regulated stock market. HMRC does not hold information about the date of listing although that information is publicly available.
