Part 7Community investment tax relief

Chapter 2Accredited community development finance institutions

341Terms and conditions of accreditation

1

An accreditation under this Chapter must—

a

be made on—

i

any terms required by regulations, and

ii

any other terms the Secretary of State considers appropriate, and

b

be made conditional on compliance with—

i

any requirements imposed by regulations, and

ii

any other requirements the Secretary of State considers appropriate.

2

The requirements that may be imposed by virtue of subsection (1)(b) include requirements relating to the provision of information.

3

Regulations may—

a

make provision for appeals to the Special Commissioners against refusals to grant accreditation under this Chapter,

b

make provision about the consequences of a failure to comply with any requirement of an accreditation, including—

i

provision for the withdrawal of the accreditation with effect from the time of the failure or a later time, and

ii

provision for the imposition of penalties,

c

make provision for the making of decisions by the Secretary of State as to any matter required to be decided for the purposes of the regulations,

d

make different provision for different cases or circumstances or in relation to different areas, and

e

contain incidental, supplemental, consequential and transitional provision and savings.

4

In this section “regulations” means regulations made by the Treasury.