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.