F1PART 5BTax relief for social investments
CHAPTER 1Introduction
257JDAccreditation as a social impact contractor
1
In this Part “accredited social impact contractor” means a company limited by shares that is accredited under this section as a social impact contractor.
2
Applications for accreditation as a social impact contractor must be made to a Minister of the Crown in the form and manner specified by a Minister of the Crown.
3
A Minister of the Crown is to accredit a company if, but only if, that Minister is satisfied that—
a
the company has entered into a social impact contract (see section 257JE),
b
the company is, and at all times since its incorporation has been, established—
i
for the purpose of entering into and carrying out a social impact contract, or for that purpose and purposes incidental to it, but
ii
for no other purpose, and
c
the activities of the company in carrying out that contract will not consist wholly, or as to a substantial part, in excluded activities (see section 257MQ).
4
If a Minister of the Crown is satisfied that the condition in subsection (3)(b) or (c) has ceased to be met in relation to a company that is an accredited social impact contractor, that Minister is to withdraw the company's accreditation with effect from the time the condition ceased to be met or a later time.
Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1