Income Tax Act 2007 (c. 3)

Part 7 U.K. Community investment tax relief

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 1 U.K. Introduction

Miscellaneous U.K.

336 Meaning of “making an investment” U.K.

(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.