No versions valid at: 01/06/2002
Point in time view as at 01/06/2002. This version of this provision is not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2002, Paragraph 22.
Valid from 23/01/2003
22(1)Where the investment consists of a loan, no claim may be made in respect of a tax year or accounting period if—
(a)the investor disposes of the whole or any part of the loan before the qualifying date relating to that year or period,
(b)at any time after the investment is made but before that qualifying date, the amount of the capital outstanding on the loan is reduced to nil, or
(c)before that qualifying date, paragraphs (a) and (b) of paragraph 30(1) (repayments of loan in five year period exceeding permitted limits) apply in relation to the investment (whether by virtue of paragraph 31 (receipts of value treated as repayments) or otherwise).
For the purposes of paragraph (a) any repayment of the loan is to be disregarded.
(2)For the purposes of this paragraph the qualifying date relating to a tax year or accounting period is the anniversary of the investment date next occurring after the end of that year or period.
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