6th Jun 2014 14:02
LONDON (Alliance News) - Oxford Technology VCT PLC and Oxford Technology 3 VCT PLC Friday said that HM Revenue & Customs will reconsider the decision to withdraw their venture capital trust approval, meaning that investors in the trusts may yet be able to make use of the tax benefits associated with such investments.
In a statement, the Oxford VCTs said that HMRC's decision to reconsider the decision to withdraw the approval comes after Graham Aaronson QC and Jonathan Bremner of Counsel, instructed by Joseph Hage Aaronson LLP, submitted a legal opinion.
HMRC had in March decided to withdraw the Oxford VCTs' status as venture capitalist trusts after deciding they had breached the rules of being classed as VCTs.
By Samuel Agini; [email protected]; @samuelagini
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