Finance (No. 2) Act 2017 (c. 32)

SCHEDULES

SCHEDULE 1 U.K. Social investment tax relief

PART 1 U.K. Amendments of Part 5B of ITA 2007

Purposes for which money raised can be used U.K.

9 (1) Section 257MM (requirement to use money raised and to trade for minimum period) is amended as follows. U.K.

(2) After subsection (3) insert—

“(3A) Employing money on the repayment of a loan does not amount to employing the money for the funded purpose.”

(3) In subsection (7)(c) after “(3),” insert “ (3A), ”.