Income Tax Act 2007 (c. 3)

[F1 PART 5B U.K. Tax relief for social investments

Textual Amendments

F1 Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1

CHAPTER 4 U.K. Eligibility: conditions relating to the social enterprise

Conditions relating to the social enterprise[F2 : general] U.K.

Textual Amendments

F2 Word in s. 257M cross-heading inserted (with effect in accordance with Sch. 1 para. 14(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 1 para. 6(1)

257MC The gross assets requirement U.K.

(1) If the social enterprise is a single company, the value of its assets—

(a) must not exceed £15 million immediately before the investment is made, and

(b) must not exceed £16 million immediately after the investment is made.

(2) If the social enterprise is a parent company, the value of the group assets—

(a) must not exceed £15 million immediately before the investment is made, and

(b) must not exceed £16 million immediately after the investment is made.

(3) For the purposes of subsection (2), the value of the group assets is the sum of the values of the gross assets of each of the members of the group, ignoring any assets that consist in rights against, or shares in or securities of, another member of the group.]