The Community Investment Tax Relief (Accreditation of Community Development Finance Institutions) Regulations 2003 No. 96

SCHEDULE 1 U.K. INVESTMENTS WHICH ARE NOT RELEVANT INVESTMENTS

Investments by wholesale CDFIs U.K.

11.—(1) Any investment made by a wholesale CDFI in an enterprise where as a consequence of which, and for so long as, the total amount of investment in that enterprise exceeds—

(a) 20% of the amount of the investment fund at—

(i) for the first year following accreditation, the date the investment is made by the CDFI, and

(ii) thereafter, the immediately preceding anniversary of the accreditation date, or

(b) £2,500,000

whichever is the lesser amount.

(2) Any investment made by a wholesale CDFI in a body other than a CDFI whose objective is to provide finance for enterprises in or for disadvantaged communities as a consequence of which, and for so long as, the total amount invested in that body exceeds £250,000.

(3) A “wholesale CDFI” means a CDFI which is not accredited as a retail community investment finance institution.

Commencement Information

I1 Sch. 1 para. 11 in force at 13.2.2003, see reg. 1