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The Community Investment Tax Relief (Accreditation of Community Development Finance Institutions) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 96
- PART 4
- Regulation 15
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Changes and effects yet to be applied to Regulation 15:
- reg. 15(1)(a) words inserted by S.I. 2008/383 reg. 7
- reg. 15(2)(b)(ii) words substituted by S.I. 2008/383 reg. 5(1)(c)
- reg. 15(2)(b)(ii) words substituted by S.I. 2009/2748 Sch. para. 24(d)
- reg. 15(2)(b)(ii) words substituted by S.I. 2016/992 Sch. para. 27(d)
- reg. 15(2)(b)(ii) words substituted by S.I. 2023/424 Sch. para. 37(2)(d)
- reg. 15(3) words substituted by S.I. 2008/383 reg. 5(2)(d)
- reg. 15(3) words substituted by S.I. 2013/417 reg. 12(d)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Sch. 1 para. 3A inserted by S.I. 2008/383 reg. 10
- reg. 8(1)(a) words substituted by S.I. 2013/417 reg. 6(a)
- reg. 8(1)(b) words substituted by S.I. 2013/417 reg. 6(b)
- reg. 8(1)(c) words substituted by S.I. 2013/417 reg. 6(b)
- reg. 8(1)(d) words substituted by S.I. 2013/417 reg. 6(b)
- reg. 10(2)-(4) substituted for reg. 10(2) by S.I. 2008/383 reg. 9
- reg. 12A inserted by S.I. 2013/417 reg. 7
- reg. 12A(2) words substituted by S.I. 2016/992 Sch. para. 27(b)
- reg. 12A(2) words substituted by S.I. 2023/424 Sch. para. 37(2)(b)
- reg. 15A-15E inserted by S.I. 2008/383 reg. 8
- reg. 15A(1) words substituted by S.I. 2013/417 reg. 9
- reg. 15B(1) words substituted by S.I. 2013/417 reg. 10
Withdrawal of accreditationU.K.
15.—(1) The Secretary of State must withdraw the CDFI’s accreditation—
(a)with effect from the time of the failure, where the CDFI fails to satisfy the terms of regulation 8;
(b)subject to paragraph (2), where the CDFI makes a direct or indirect investment in residential property from the investment fund; and
(c)subject to paragraph (3), where the CDFI fails to make an annual report within 12 months of the date on which it was due under paragraph (1) of regulation 13.
(2) Paragraph (1)(b) does not apply where—
(a)the CDFI can demonstrate that to the best of its knowledge and belief it had not invested in residential property, and
(b)the CDFI divested itself of the investment within three months of—
(i)the date it discovered that the investment was in residential property, or
(ii)the date of receipt of a notice from the Small Business Service that the investment is in residential property,
whichever is the earlier.
(3) Paragraph (1)(c) does not apply if in the opinion of the Investment Director the CDFI had reasonable excuse for failing to make an annual return.
(4) A withdrawal of an accreditation must be given by notice by the Secretary of State specifying the date from which accreditation is withdrawn and the reasons for the withdrawal.
(5) The CDFI must within 30 days of receiving notice under paragraph (4) of withdrawal of accreditation give notice to each of the investors to which it has issued a tax relief certificate in respect of investments made within the specified period stating that accreditation has been withdrawn and specifying the date from which accreditation is withdrawn.
(6) For the purpose of paragraph (5) “specified period” means the five years immediately preceding the date from which accreditation is withdrawn.
Commencement Information
I1Reg. 15 in force at 13.2.2003, see reg. 1
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