Part 1 Amendments of Part 5B of ITA 2007
Finance (No 2) Act 2017 (2017 c 32) | Legislation

SCHEDULE 1 Social Investment Tax Relief

Section 14

Part 1 Amendments of Part 5B of ITA 2007

Introductory

1

ITA 2007 is amended as follows.

Date by which investment must be made to qualify for SI relief

2

In section 257K(1)(a)(iii) (date by which investment must be made to qualify for SI relief) for “6 April 2019†substitute “6 April 2021â€.

The existing investments requirement

3

After section 257LD insert—

“257LDA The existing investments requirement

(1)     If at the time immediately before the investment is made the investor holds any shares in or debentures of—

(a)     the social enterprise, or

(b)     a company which at that time is a qualifying subsidiary of the social enterprise,

those shares or debentures must be risk finance investments or (in the case of shares) permitted subscriber shares.

(2)     A share or debenture is a “risk finance investment†for the purposes of this section if—

(a)     it is a share that was issued to the investor, or a debenture of which the investor is the holder in return for advancing an amount, and

(b)     at any time, a compliance statement under section 205, 257ED or

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