Part VII U.K. Other property, businesses, investments etc.

[F1 Investments in social enterprises U.K.

Textual Amendments

F1 Ss. 255A-255E and cross-heading inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 12 para. 2

255C Application of section 255B(2) where maximum SI relief not obtained U.K.

(1) Subsection (2) applies if—

(a) an individual's liability to income tax has been reduced (or treated by virtue of section 257T of ITA 2007 (spouses or civil partners) as reduced) for any tax year under section 257JA of ITA 2007 (SI relief) in respect of the acquisition of an asset,

(b) the amount of the reduction (“D”) is less than the amount given by—

where—

I is the amount on which the individual has SI relief in the case of the asset, and

R is the SI rate for the tax year for which the SI relief was obtained, and

(c) D is not within paragraph (b) solely by virtue of section 29(2) and (3) of ITA 2007.

(2) If the individual disposes of the asset and there is a gain on the disposal, section 255B(2) has effect in relation to the gain as if it were reduced by multiplying it by—

(3) In this section “SI rate” has the meaning given by section 257JA(5) of ITA 2007.]