The Community Investment Tax Relief (Accreditation of Community Development Finance Institutions) (Amendment) Regulations 2008

Amendment of regulation 2

3.—(1) Regulation 2 (interpretation) is amended as follows.

(2) In the definition of “CDFI”, for “Schedule 16 to the Finance Act 2002” substitute “Chapter 2 of Part 7 of the Income Tax Act 2007”.

(3) Omit the definition of “the Board”.

(4) Insert at the appropriate place—

““the Director of Enterprise Environment” means the Director of Enterprise Environment of the Department for Business, Enterprise and Regulatory Reform;”.

(5) For the definition of “the five year period” substitute—

““the five year period” means the period of five years beginning with the day the investment is made;”.

(6) Omit the definition of “the Investment Director”.

(7) For the definition of “investment” substitute—

““investment”—

(a)

in relation to an individual, shall be construed in accordance with section 336 of the Income Tax Act 2007; and

(b)

in relation to a company, has the meaning given in paragraph 2 of Schedule 16 to the Finance Act 2002;”.

(8) For the definition of “qualifying investment” substitute—

““qualifying investment”—

(a)

in relation to an investment made by an individual, means an investment in respect of which the individual is eligible under section 334 of the Income Tax Act 2007 for community investment tax relief; and

(b)

in relation to an investment made by a company, has the meaning given in paragraph 8 of Schedule 16 to the Finance Act 2002;”.

(9) In the definition of “retail community development finance institution”, for “paragraph 4(6) and (7) of Schedule 16 to the Finance Act 2002” substitute “section 340(6)(b), (7) and (8) of the Income Tax Act 2007”.

(10) Omit the definition of “the Small Business Service”.

(11) For the definition of “tax relief certificate” substitute—

““tax relief certificate” means a certificate issued by the CDFI in respect of the investment which is in the form specified by the Commissioners for Her Majesty’s Revenue and Customs;”.