General InvestmentsU.K.
4.—(1) Any loan to or equity investment in a non-profit-distributing enterprise for the purposes of undertaking community projects as a consequence of which, and for so long as, the total amount invested in that enterprise exceeds £250,000 (“the £250,000 limit”).
(2) For the purpose of paragraph (1) “community projects” means—
(a)public sector projects,
(b)projects which benefit charities and other non-profit distributing bodies which are engaged entirely in public functions, non-competitive and non-commercial activity, or
(c)projects which are commercial in the sense that there is remuneration for the service provider and competition for their supply, but which are small-scale and purely local in nature.
(3) Where the £250,000 limit is exceeded—
(a)by two or more loans or equity investments made on the same day, or
(b)in any other circumstances where it is not possible to establish which loan or investment caused the limit to be exceeded,
the Investment Director shall determine which of those loans or investments shall not constitute relevant investments so that the amount of relevant investments in the enterprise approximates to but does not exceed the £250,000 limit.
Commencement Information
I1Sch. 1 para. 4 in force at 13.2.2003, see reg. 1