[F1 PART 5B U.K. Tax relief for social investments

Textual Amendments

F1 Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1

CHAPTER 4 U.K. Eligibility: conditions relating to the social enterprise

Conditions relating to the social enterprise U.K.

257ME The control and independence requirements U.K.

(1) The social enterprise must not at any time in the shorter applicable period control (whether on its own or together with any person connected with it) any company which is not a qualifying subsidiary of the social enterprise.

(2) The social enterprise must not at any time in the shorter applicable period—

(a) be a 51% subsidiary of a company, or

(b) be under the control of a company, or under the control of a company and a person connected with that company, without being a 51% subsidiary of the company.

(3) No arrangements must be in existence at any time in the shorter applicable period by virtue of which the social enterprise could fail to meet either or both of subsections (1) and (2) (whether during that period or otherwise).]