Part 7Community investment tax relief

Chapter 4General conditions

352No acquisition of share in partnership

(1)

If the CDFI is a partnership, the investment must not consist of or include any amount of capital contributed by the investor on becoming a member of the partnership.

(2)

For this purpose the amount of capital contributed by the investor on becoming a member of the partnership includes any amount which—

(a)

purports to be provided by the investor by way of loan capital, and

(b)

is accounted for as partners' capital in the accounts of the partnership.