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SCHEDULES

SCHEDULE 16U.K.Community investment tax relief

Part 6U.K.Withdrawal of relief

Manner of withdrawal of reliefU.K.

27(1)This paragraph applies where any relief has been obtained which—

(a)is subsequently found not to have been due, or

(b)falls to be withdrawn or reduced under this Part.

(2)Where the investor is an individual, the relief shall be withdrawn or reduced by making an assessment to income tax F1... for the tax year for which the relief was obtained.

(3)No assessment shall be made under sub-paragraph (2) in respect of an individual by reason of any event occurring after his death.

(4)Where the investor is a company, the relief shall be withdrawn or reduced by making an assessment to corporation tax under Case VI of Schedule D for the accounting period for which the relief was obtained.

Textual Amendments

F1Words in Sch. 16 para. 27(2) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 577(2), Sch. 3 (with Sch. 2)

Commencement Information

I1Sch. 16 para. 27 in force at 23.1.2003 by S.I. 2003/88, arts. 2, 3