- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2012.
Corporation Tax Act 2010, Cross Heading: Repayment of loans is up to date with all changes known to be in force on or before 29 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)If the investment consists of a loan and—
(a)the average capital balance of the loan for the third, fourth or final year of the 5 year period is less than the permitted balance for the year in question, and
(b)the difference between those balances is not an amount of insignificant value,
any CITR attributable to the investment in respect of any accounting period must be withdrawn.
(2)For the purposes of this section—
“the average capital balance” of the loan for a period is the mean of the daily balances of capital outstanding during that period, ignoring any non-standard repayments of the loan made in that period or at any earlier time, and
“the permitted balance” of the loan is—
for the third year of the 5 year period, 75% of the average capital balance for the period of 6 months beginning 18 months after the investment date,
for the fourth year of that period, 50% of that balance, and
for the final year of that period, 25% of that balance.
(3)For the purposes of subsection (2) a repayment of the loan is a non-standard repayment if subsection (4) or (5) applies.
(4)This subsection applies if the repayment is made at the choice or discretion of the CDFI, and not as a direct or indirect consequence of any obligation provided for under the terms of the loan agreement.
(5)This subsection applies if the repayment is made as a result of the failure of the CDFI to meet any obligation of the loan agreement which—
(a)is imposed merely because of the commercial risks to which the investor is exposed as lender under that agreement, and
(b)is no more likely to be breached than any obligation that might reasonably have been agreed in respect of the loan in the absence of this Part.
(6)For the purposes of this section “an amount of insignificant value” means an amount which—
(a)is not more than £1,000, or
(b)if it is more than £1,000, is insignificant in relation to the average capital balance of the loan for the year of the 5 year period in question.
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