C1Part 7Community investment tax relief
Chapter 5Claims for and attribution of CITR
Claims
354Loans: no claim after disposal or excessive repayments or receipts of value
1
If the investment consists of a loan, no claim may be made in respect of a tax year if—
a
the investor disposes of the whole or any part of the loan before the qualifying date relating to that year,
b
at any time after the investment is made but before that qualifying date, the amount of the capital outstanding on the loan is reduced to nil, or
c
before that qualifying date, paragraphs (a) and (b) of section 362(1) (repayments of loan in 5 year period exceeding permitted limits) apply in relation to the investment (whether by virtue of section 363 (receipts of value treated as repayments) or otherwise).
2
For the purposes of subsection (1)(a) any repayment of the loan is to be ignored.
3
For the purposes of this section the qualifying date relating to a tax year is the next anniversary of the investment date to occur after the end of that year.
Pt. 7 modified by 2005 c. 7, s. 54A (as inserted (10.7.2008) by The Alternative Finance Arrangements (Community Investment Tax Relief) Order 2008 (S.I. 2008/1821), arts. 1, 2)