C1Part 7Community investment tax relief

Annotations:
Modifications etc. (not altering text)
C1

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)

Chapter 1Introduction

Miscellaneous

336Meaning of “making an investment”

1

For the purposes of this Part, an individual makes an investment in a body at any time when—

a

the individual makes a loan (whether secured or unsecured) to the body, or

b

an issue of securities of or shares in the body, for which the individual has subscribed, is made to the individual.

2

The following provisions of this section apply for the purposes of subsection (1)(a).

3

An individual does not make a loan to a body if—

a

the body uses overdraft facilities provided by the individual, or

b

the individual subscribes for or otherwise acquires securities of the body.

4

If the loan agreement authorises the body to draw down amounts of the loan over a period of time, the loan is treated as made at the time when the first amount is drawn down.