[F1257SFInformation to be provided by the social enterprise etcU.K.
(1)This section applies if the social enterprise has provided an officer of Revenue and Customs with a compliance statement in respect of the investment and an event occurs as a result of which—
(a)any of the requirements in sections 257M, 257MC to 257MK, 257MM(1) and 257MN is not met in respect of the investment, or
(b)any of sections 257Q, 257QJ, 257QQ and 257QR has effect to cause any SI relief attributable to the investment to be withdrawn or reduced, or—
(i)would have such an effect if SI relief had been obtained in respect of the investment, or
(ii)in the case of section 257Q, would have such an effect but for section 257QH (receipt of replacement value).
(2)If this section applies—
(a)the social enterprise, and
(b)any person connected with the social enterprise who has knowledge of the matters mentioned in subsection (1),
must give a notice to an officer of Revenue and Customs containing particulars of the event.
(3)Any notice required to be given by the social enterprise under subsection (2)(a) must be given—
(a)within 60 days of the event, or
(b)if the event is a receipt of value within section 257QE(2) from a person connected with the social enterprise (see section 257QG), within 60 days of the social enterprise coming to know of the event.
(4)Any notice required to be given by a person under subsection (2)(b) must be given within 60 days of the person coming to know of the event.
(5)If a person—
(a)is required under this section to give notice of a receipt of value which is within section 257Q, or would be within that section but for section 257QH, and
(b)has knowledge of any replacement value received (or expected to be received) because of a qualifying receipt,
the notice must include particulars of that receipt of replacement value (or expected receipt).
(6)In subsection (5) “qualifying receipt” and “replacement value” are to be read in accordance with section 257QH.
(7)If the event mentioned in subsection (1) is one whose occurrence results in the requirement in section 257M not being met in respect of the investment, the references in subsections (2) and (3) to the social enterprise are to—
(a)the body concerned even though it has ceased to be a social enterprise, or
(b)the body into which the social enterprise has been converted.]
Textual Amendments
F1Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1