Modifications etc. (not altering text)
C1Sch. 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)
22(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].
Textual Amendments
F1Word in Sch. 16 para. 22(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 419(11) (with Sch. 2)
F2Words in Sch. 16 para. 22(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 419(11) (with Sch. 2)
F3Word in Sch. 16 para. 22(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 419(11) (with Sch. 2)
F4Words in Sch. 16 para. 22(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 419(11) (with Sch. 2)
Commencement Information
I1Sch. 16 para. 22 in force at 23.1.2003 by S.I. 2003/88, arts. 2, 3