F1PART 5BTax relief for social investments
CHAPTER 3Eligibility: conditions relating to the investor and the investment
257LHRequirement for no collusion with a non-qualifying investor
There must not at any time in the longer applicable period be any arrangements—
a
as part of which—
i
the investor makes the investment, or
ii
the investor, or an individual who is an associate of the investor, makes any other investment in the social enterprise,
b
which provide for a person to make an investment in a company other than the social enterprise, where that person is not the individual (“A”) who invests as mentioned in paragraph (a), and
c
to which there is a party (whether or not A) who is an individual in relation to whom not all of the requirements in sections 257LF and 257LG would be met if—
i
references in those sections to the investor were read as references to that individual, and
ii
references in those sections to the social enterprise were read as references to the company mentioned in paragraph (b).
Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1