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

Financial health requirement U.K.

8 U.K. After section 257MI insert—

“257MIA The financial health requirement

(1) The social enterprise must meet the financial health requirement at the beginning of the shorter applicable period.

(2) The financial health requirement is that the social enterprise is not in difficulty.

(3) The social enterprise is “in difficulty” if it is reasonable to assume that it would be regarded as a firm in difficulty for the purposes of the Community Guidelines on State Aid for Rescuing and Restructuring Firms in Difficulty (2004/C 244/02).”