EXPLANATORY NOTE
(This note is not part of the Regulations)
The Regulations amend the Tax Relief for Social Investments (Accreditation of Social Impact Contractor) Regulations 2014 (S.I. 2014/3066) (“the 2014 Regulations”). The amendments made to regulations 3, 6 and 7 of the 2014 Regulations allow contractors to enter into more than one social impact contract under the same accreditation where the contractor’s investors wish to claim tax relief under Part 5B of the Income Tax Act 2007 (c. 3) (the social investment tax relief scheme). Regulation 7 of the 2014 Regulations has been split into regulation 7 (to include the provision in respect of 12 monthly reports) and regulation 7A (to include the provision for the Minister to obtain information on notice).
Consequential amendments are made, and minor errors are corrected, to other regulations of the 2014 Regulations.
A Tax Information and Impact Note has not been prepared for this Instrument as it contains no substantive changes to tax policy.