HMRC withdraws VCT approval for Oxford Tech trust in landmark ruling

HM Revenue & Customs has withdrawn VCT approval for the Oxford Technology trust after it was found to have breached rules over the amount it held in a single firm.

Oxford Technology 3 VCT breached the '15% rule' in August last year through its holding in immunotherapy specialist Scancell. Oxford Technology, which is appealing the ruling, said the breach was "inadvertent" and the result of an increase in Scancell's share price after it took up its right to purchase additional shares in the group as part of a discounted rights issue. It had first invested in the company in 1999, when it was a start-up venture. The ruling means the tax advantages for the VCT no longer apply. The company said it plans to appeal the decision, which represents the fir...