12th Sep 2014 14:48
LONDON (Alliance News) - Oxford Technology VCT PLC and Oxford Technology 3 VCT PLC Friday said that UK tax authorities have approved of corrective action they had to take in order to protect their tax status.
The trusts said the corrective action, which adjusted their holding in Scancell Holdings PLC after HM Revenue & Customs had considered a purchase of shares as breaching the VCT rules, resulted in no financial gain or loss.
Venture capitalist trusts offer attractive tax benefits to investors, so long as they follow a number of rules set out by HMRC. HMRC had in March decided to withdraw the Oxford VCTs' status as venture capitalist trusts after deciding they had breached those rules.
Oxford Technology 3 shares were Friday quoted up 7.2% at 67.00 pence. Oxford Technology VCT shares were quoted up 43% at 73.00p.
By Samuel Agini; [email protected]; @samuelagini
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