Part 2Income tax, corporation tax and capital gains tax_general

Charities etc

54Community investment tax relief

1

Paragraph 35 of Schedule 16 to FA 2002 (community investment tax relief) is amended as follows.

2

After sub-paragraph (1) insert—

1A

But if the investor is a bank, the investor does not receive value from the CDFI when the CDFI makes a deposit with the investor in the course of its ordinary banking arrangements.

3

In subsection (5), after “paragraph—” insert—

“bank” has the meaning given by section 840A of the Taxes Act 1988;

4

The amendments made by this section are treated as always having had effect.