http://www.legislation.gov.uk/id/ukpga/2002/23/schedule/16

SCHEDULES

C1SCHEDULE 16Community investment tax relief

Annotations:

Modifications etc. (not altering text)

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)

Part 5Form of relief

I122Loans: no claim after disposal or excessive repayments or receipts of value

1

Where the investment consists of a loan, no claim may be made in respect of F1an accounting period if—

a

the investor disposes of the whole or any part of the loan before the qualifying date relating to F2that 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 F3an accounting period is the anniversary of the investment date next occurring after the end of F4that period.