Oxford Technology Statement Re Hmrc Decision
September 12 2014 - 10:15AM
UK Regulatory
TIDMOXT
For Immediate Release
12(th) September 2014
OXFORD TECHNOLOGY VCT PLC
HMRC Decision
Shareholders will be aware from an RNS on 13 March 2014 that Oxford
Technology VCT Plc ("OT1") had received notice that Her Majesty's
Revenue and Customs ("HMRC") had withdrawn VCT approval for the Company
due to a purchase of shares in Scancell Holdings Plc ("Scancell") which
HMRC considered as breaching the VCT rules.
Following analysis and representations by OT1's legal advisors, Joseph
Hage Aaronson LLP ("JHA") and Jonathan Bremner of Counsel, HMRC notified
OT1 that it had set aside that decision pending further review (see RNS
of 6 June 2014). Subsequently, following further representations by our
legal advisors, HMRC indicated that it was reserving its position and
that corrective action was required to be taken in order for OT1 to
retain VCT status (see announcement to shareholders of 5 August 2014).
A proposal for the necessary corrective action was made by JHA on 12
August 2014. On 5 September 2014, HMRC indicated that it would be
minded to permit the VCT to retain its VCT status for tax purposes
provided that the corrective steps proposed by JHA were taken within an
agreed timescale.
Following this indication, we have continued to work together with HMRC
towards a satisfactory conclusion. We are now pleased to be able to
confirm that the corrective steps proposed by our legal advisors have
been successfully completed and HMRC have been so informed. We have
received formal acknowledgement from HMRC that the corrective action
taken has been sufficient and that OT1 will now retain VCT status going
forward subject to continued compliance with VCT rules.
This means that the tax reliefs previously given to the VCT and its
shareholders will not be disturbed, and the entitlement to benefit from
future reliefs available to VCTs will likewise continue.
Following the corrective action, the VCT's holding in Scancell is now as
it was prior to July 2013. The corrective action undertaken has
resulted in no financial gain or loss to the VCT.
We wish to record our appreciation for the constructive way in which
HMRC have engaged with us during the last six months. We also wish to
thank Joseph Hage Aaronson LLP and Jonathan Bremner for their pro-active
and professional work, which has enabled this matter to be brought to
its satisfactory conclusion.
The Directors look forward to being able to focus future discussions
with shareholders on the progression of the portfolio. As shareholders
will be aware from reading the Annual Report, the OT1 portfolio contains
some exciting (if still relatively early stage) companies, and the
Directors continue to focus on generating maximum value for shareholders
from OT1's holdings in these.
The content of this RNS has been approved by HMRC.
Alex Starling - Chairman of the Board of Directors
Richard Roth - Director
Further Enquires:
Lucius Cary on 01865 784466
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Oxford Technology VCT plc via Globenewswire
HUG#1855702
http://www.oxfordtechnology.com/
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