SCHEDULES
SCHEDULE 16Community investment tax relief
Part 8Supplementary and general
Construction of references to investment being “held continuously"
49
(1)
This paragraph applies where for the purposes of this Schedule it falls to be determined whether the investor has held the investment (or any part of it) continuously throughout any period.
(2)
The investor shall not be treated as having held the investment (or any part of it) continuously throughout a period if—
(a)
he is deemed, under any provision of the 1992 Act, to have disposed of and immediately reacquired the investment (or part) at any time during the period, or
(b)
he is treated as having disposed of the investment (or part) at any such time, by virtue of paragraph 48(2).