SCHEDULES

SCHEDULE 16Community investment tax relief

Part 2Accredited community development finance institutions

I15Terms and conditions of accreditation

1

An accreditation under this Schedule shall—

a

be made on—

i

such terms as regulations may require, and

ii

such other terms as the Secretary of State considers appropriate, and

b

be made conditional upon compliance with—

i

such requirements as regulations may require, and

ii

such other requirements as the Secretary of State considers appropriate.

2

The requirements that may be imposed by virtue of sub-paragraph (1)(b) include requirements relating to the provision of information.

3

Regulations may—

a

make provision for appeals to the Special Commissioners against refusals to grant accreditation under this Schedule;

b

make provision about the consequences of a failure to comply with any requirement of an accreditation, including—

i

provision for the withdrawal of the accreditation with effect from the time of the failure or a later time; and

ii

provision for the imposition of penalties;

c

make provision for the making of decisions by the Secretary of State as to any matter required to be decided for the purposes of the regulations;

d

make different provision for different cases or circumstances or in relation to different areas; and

e

make such incidental, supplemental, transitional and consequential provision as appears to the Treasury to be necessary or expedient.

4

In this paragraph “regulations” means regulations made by the Treasury.