C1Part 7Community investment tax relief

Annotations:
Modifications etc. (not altering text)
C1

Pt. 7 modified by 2005 c. 7, s. 54A (as inserted (10.7.2008) by The Alternative Finance Arrangements (Community Investment Tax Relief) Order 2008 (S.I. 2008/1821), arts. 1, 2)

Chapter 3Qualifying investments

346Conditions to be met in relation to securities

1

Condition A of this section is that the securities must be—

a

subscribed for wholly in cash, and

b

fully paid for on the investment date.

2

Condition B is that the securities must not carry—

a

any present or future right to be redeemed within the 5 year period, or

b

any present or future right to be converted into or exchanged for a loan which is, or securities, shares or other rights which are, redeemable within that period.

3

F1For the purposes of subsection (1)(b), securities are not fully paid for if there is any undertaking to pay cash to the CDFI at a future date in connection with the acquisition of the securities.