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The Community Investment Tax Relief (Accreditation of Community Development Finance Institutions) Regulations 2003

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This is the original version (as it was originally made).

Meaning of the “investment fund”

9.—(1) The amount of the investment fund at a given date (“the relevant date”) is the sum of—

Here—

  • A is the amount of qualifying investments and investments by other CDFIs in the CDFI made on or before the relevant date and held continuously since the investment was made until the relevant date, but does not include any qualifying investments or investments by other CDFIs in the CDFI made at any time during the three months prior to the relevant date;

  • B is any amount payable by the CDFI at the relevant date or at any time during the three months following the relevant date to repay, redeem or buy-back the capital element of any qualifying investment;

  • C is the amount of any investment made by the CDFI from the investment fund which has been written-off in accordance with generally accepted accounting practice.

(2) For the purpose of paragraph (1) where a qualifying investment is a loan which authorises the CDFI to draw down amounts of the loan over a period of time, the amount of the qualifying investment is the amount drawn down at the relevant date.

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