Section 257PB — Finance Act 2014: Compliance statements

Compliance statements 257PB 1 For the purposes of this Part, a “compliance statement” in respect of the investment is a statement by the social enterprise to the effect that, except so far as they fall to be met by or in relation to the individual, the requirements for SI relief—

a are for the time being met in relation to the investment (or in relation to investments that include the investment),

and b have been so met at all times since the investment was made.

2 A compliance statement must be in such form as the Commissioners for Her Majesty's Revenue and Customs may direct and must contain—

a such additional information as the Commissioners may reasonably require, including in particular information relating to the persons who have requested the issue of compliance certificates, b a declaration that the statement is correct to the best of the social enterprise's knowledge and belief, and c such other declarations as the Commissioners may reasonably require.

3 The social enterprise may not provide an officer of Revenue and Customs with a compliance statement in respect of the investment—

a before the requirement in section 257MM(2) (trade must have been carried for 4 months) is met, or b later than 2 years after the end of the tax year in which the investment is made or, if that requirement is first met after the end of that tax year, later than 2 years after the requirement is first met.

4 If the social enterprise is an accredited social impact contractor, subsection (3) applies with the omission of its paragraph (a).