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Link to original content: http://www.legislation.gov.uk/id/ukpga/2010/4/section/229
Corporation Tax Act 2010, Section 229 is up to date with all changes known to be in force on or before 01 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)A “tax relief certificate” means a certificate issued by the CDFI in respect of the investment which is in the form specified by the Commissioners for Her Majesty's Revenue and Customs.
(2)The CDFI must not issue tax relief certificates under this section in respect of investments made in the CDFI in an accreditation period if the total value of—
(a)those investments, and
(b)any investments to which subsection (3) applies,
will exceed the limit for that period.
(3)This subsection applies to investments—
(a)which have been made in the CDFI in the accreditation period, and
(b)in respect of which the CDFI has issued tax relief certificates under section 348 of ITA 2007 (which makes in relation to income tax provision corresponding to that made by this section).
(4)The limit for an accreditation period is—
(a)[F1£25 million] if the CDFI is accredited for the period as a retail community development finance institution (see section 340(8) of ITA 2007), and
(b)[F2£100 million] in any other case.
(5)For the purposes of subsection (2) the value of an investment made in the CDFI is—
(a)if the investment consists of a loan—
(i)the amount of the loan, or
(ii)if the loan agreement authorises the CDFI to draw down amounts of the loan over a period of time, the amount committed under the loan agreement, and
(b)if the investment consists of securities or shares, the amount subscribed for them.
(6)The Treasury may by order substitute any other amount for any amount for the time being specified in subsection (4).
(7)Any such substitution is to have effect in relation to such accreditation periods as may be specified in the order; and those periods may, if the substitution increases an amount for the time being specified in subsection (4), include periods beginning before the order comes into force.
(8)Any tax relief certificate issued in contravention of subsection (2) is invalid.
(9)A body is liable to a penalty of not more than £3,000 if it issues a tax relief certificate which is made fraudulently or negligently.
(10)An accreditation period is a period for which accreditation of the CDFI has effect under Chapter 2 of Part 7 of ITA 2007.
Textual Amendments
F1Sum in s. 229(4)(a) substituted (with effect in relation to accreditation periods ending on or after 1.6.2023) by The Community Investment Tax Relief (Amendment of Investment Limits) Regulations 2023 (S.I. 2023/518), regs. 1, 3(a)
F2Sum in s. 229(4)(b) substituted (with effect in relation to accreditation periods ending on or after 1.6.2023) by The Community Investment Tax Relief (Amendment of Investment Limits) Regulations 2023 (S.I. 2023/518), regs. 1, 3(b)
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