CGT – HMRC withdraws investment firm’s VCT status

CAPITAL GAINS TAX – HMRC withdraws investment firm’s VCT status 
HMRC has withdrawn a private equity firm’s venture capital trust (VCT) status for the first time ever. Oxford Technology lost its tax-efficient status after informing HMRC it had accidentally exceeded the maximum threshold of 15 per cent that a VCT fund can invest in a single company. It will appeal against the decision, which removes capital gains tax relief on the entire GBP11 million placed by the firm’s investors.