[257MND Limit on investment in shorter applicable period]
Income Tax Act 2007 (2007 c 3) | Legislation

[257MND  Limit on investment in shorter applicable period]

[(1)     This section applies where condition A or condition B is met.

(2)     Condition A is that—

(a)     a company becomes a 51% subsidiary of the social enterprise at any time during the shorter applicable period,

(b)     all or part of the money raised by the investment is employed for the purposes of a qualifying activity which consists wholly or partly of a trade carried on by that company, and

(c)     that trade (or part of it) was carried on by that company before it became a 51% subsidiary as mentioned in paragraph (a).

(3)     Condition B is that all or part of the money raised by the investment is employed for the purposes of a qualifying activity which consists wholly or partly of a trade which, during the shorter applicable period, becomes a transferred trade (see subsection (9)).

(4)     Where this section applies, at each time in the shorter applicable period (“the relevant time”) the total of the relevant investments made in the social enterprise before that

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