SCHEDULES
C1SCHEDULE 16Community investment tax relief
Annotations:
Modifications etc. (not altering text)
Part 1Introduction
I12Meaning of “investment"
1
For the purposes of this Schedule, a F1company makes an investment in a body at any time when—
a
F1it makes a loan (whether secured or unsecured) to the body, or
2
For the purposes of sub-paragraph (1)(a)—
a
a F2company does not make a loan to a body where—
i
the body uses overdraft facilities provided by that F2company, or
ii
that F2company subscribes for or otherwise acquires securities of the body;
b
where the loan agreement authorises the body to draw down amounts of the loan over a period of time, the loan is treated as made at the time when the first amount is drawn down.
Sch. 16 modified by 2005 c. 7, s. 54A (as inserted (10.7.2008) by The Alternative Finance Arrangements (Community Investment Tax Relief) Order 2008 (S.I. 2008/1821), arts. 1, 2)