Section 220 — Corporation Tax Act 2010: Form and amount of CITR

Form and amount of CITR 220 1 If the investor is eligible for CITR in respect of the investment, the investor may make a claim in respect of the investment for any one or more of the relevant accounting periods.

2 If the investor makes a claim for a relevant accounting period, the investor is entitled to a reduction in the amount of its liability for corporation tax for that period.

3 The amount of that reduction for the relevant accounting period is 5% of the invested amount in respect of the investment for the period.

4 For the purposes of this section and section 220A the “relevant” accounting periods are—

a the accounting period in which the investment date falls, and b each of the accounting periods in which the subsequent 4 anniversaries of that date fall.

5 The investor is entitled to make a claim for CITR for a relevant accounting period if—

a the investor considers that the conditions for the CITR are for the time being met, and b the investor has received a tax relief certificate (see section 229) relating to the investment from the CDFI, but a claim may not be made before the end of the accounting period to which the claim relates.

6 Subsection (5) is subject to the following provisions—

a section 236 (loans: no claim after disposal or excessive repayments or receipts of value),

b section 237 (securities or shares: no claim after disposal or excessive receipts of value),

c section 238 (no claim after loss of accreditation by the CDFI),

and d section 239 (accreditation of investor).