http://www.legislation.gov.uk/id/ukpga/2007/3

http://www.legislation.gov.uk/ukpga/2007/3/section/257MC

Income Tax Act 2007

An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.

text

text/xml

Statute Law Database

2024-06-05

Expert Participation

2024-05-27

Income Tax Act 2007

s. 788(7)

Legal Services Act 2007

Sch. 21

para. 161(b)

s. 29

192

193

s. 211(2)

art. 2(h)

F2PART 5BTax relief for social investments

Annotations:

Amendments (Textual)

Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1

CHAPTER 4Eligibility: conditions relating to the social enterprise

Conditions relating to the social enterpriseF1: general

Annotations:

Amendments (Textual)

Word in s. 257M cross-heading inserted (with effect in accordance with Sch. 1 para. 14(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 1 para. 6(1)

257MCThe gross assets requirement

1

If the social enterprise is a single company, the value of its assets—

a

must not exceed £15 million immediately before the investment is made, and

b

must not exceed £16 million immediately after the investment is made.

2

If the social enterprise is a parent company, the value of the group assets—

a

must not exceed £15 million immediately before the investment is made, and

b

must not exceed £16 million immediately after the investment is made.

3

For the purposes of subsection (2), the value of the group assets is the sum of the values of the gross assets of each of the members of the group, ignoring any assets that consist in rights against, or shares in or securities of, another member of the group.