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This section of guidance explains HMRC鈥檚 policy regarding the VAT treatment of the supplies made by entities involved in the private equity and venture capital sectors. Please note that the archived Control Note V1-37 is redundant having been replaced by this guidance.

Private equity concerns activities such as management buyouts, buy-ins and similar investment structures, where the private equity house takes an equity stake in an established business.

Venture capital is a form of investments which provides finance to either managing established businesses or new companies in the start-up or early development of a new business.

In this guidance, for ease of reference we refer to:

• entities in both sectors as private equity houses (PEHs);
• the sum of the investments made by the investors / limited partners, and which is managed by the PEH as 鈥渢he Fund鈥�;
• the established or new business as the 鈥渋nvestee company鈥�, this term refers to the investment of the Fund through connected parties into a business, generally through the acquisition of shares in that business and through loans;
• a special purpose vehicle (SPV), in some cases incorporated to acquire the investee company, as the 鈥淏idCo鈥�.

Trade Association

The trade association representing PEHs is the British Venture Capital Association (BVCA). The BVCA represents private equity and venture capital businesses in the UK, including professional firms, corporate financiers and others with an active interest in the sector. Further details can be found on the BVCA鈥檚 website:

It should be noted that this guidance reflects the views of HMRC, which are not necessarily those of the BVCA, or other persons involved in the sector.