Finance Act 2014
Sections and provisions with full text and the judgments that cite each one.
Section 244A — Monitoring notices: transferees
Monitoring notices: transferees 244A 1 This section applies if an authorised officer becomes aware at any time that a person to whom a monitoring notice has been given ( “ P ” ) has made a relevant…
Section 245 — Withdrawal of monitoring notice
Withdrawal of monitoring notice 245 1 A person in relation to whom a monitoring notice has effect may, at any time after the end of the period of 12 months beginning with the end of the appeal…
Section 246 — Notification of determination under section 245
Notification of determination under section 245 246 1 Where an authorised officer makes a determination under section 245(4), that officer, or an officer of Revenue and Customs with that officer's…
Section 247 — Appeal against refusal to withdraw monitoring notice
Appeal against refusal to withdraw monitoring notice 247 1 A person may appeal against a refusal by an authorised officer of a request that a monitoring notice should cease to have effect. 2 Notice…
Section 248 — Publication by HMRC
Publication by HMRC 248 1 An authorised officer may publish the fact that a person is a monitored promoter. 2 Publication under subsection (1) may also include the following information about the…
Section 249 — Publication by monitored promoter
Publication by monitored promoter 249 1 A person who is given a monitoring notice (“the monitored promoter”) must give the persons mentioned in subsection (6) a notice stating— a that it is a…
Section 250 — Allocation of promoter reference number
Allocation of promoter reference number 250 1 Where a monitoring notice is given to a person (“the monitored promoter”) HMRC must as soon as practicable after the end of the appeal period— a allocate…
Section 251 — Duty of monitored promoter to notify clients etc of number
Duty of monitored promoter to notify clients etc of number 251 1 This section applies where a person who is a monitored promoter (“the monitored promoter”) is notified under section 250 of a promoter…
Section 252 — Duty of those notified to notify others of promoter's number
Duty of those notified to notify others of promoter's number 252 1 In this section “ notified client ” means— a a person who is notified of a promoter reference number under section 250 by reason of…
Section 253 — Duty of persons to notify the Commissioners
Duty of persons to notify the Commissioners 253 1 If a person (“N”) is notified of a promoter reference number under section 250, 251 or 252, N must report the number to the Commissioners if N…
Section 254 — Meaning of “monitored proposal” and “monitored arrangements”
Meaning of “monitored proposal” and “monitored arrangements” 254 1 For the purposes of this Part a relevant proposal in relation to which a person (“P”) is a promoter is a “ monitored proposal ” in…
Section 255 — Power to obtain information and documents
Power to obtain information and documents 255 1 An authorised officer, or an officer of Revenue and Customs with the approval of an authorised officer, may by notice in writing require any person…
Section 255A — Hold-over relief for gains re-invested in social enterprises
Hold-over relief for gains re-invested in social enterprises 255A Schedule 8B to this Act (which provides relief in respect of gains re-invested in social enterprises) has effect.
Section 255B — Gains and losses on investments in social enterprises
Gains and losses on investments in social enterprises 255B 1 For the purpose of determining the gain or loss on any disposal of an asset by an individual where— a an amount of SI relief is…
Section 255C — Application of section 255B(2) where maximum SI relief not obtained
Application of section 255B(2) where maximum SI relief not obtained 255C 1 Subsection (2) applies if— a an individual's liability to income tax has been reduced (or treated by virtue of section 257T…
Section 255D — Application of section 255B(2) where SI relief has been reduced
Application of section 255B(2) where SI relief has been reduced 255D 1 Subsection (2) applies if before a disposal of an asset— a value is received in circumstances where SI relief attributable to…
Section 255E — Reorganisations involving shares to which SI relief is attributable
Reorganisations involving shares to which SI relief is attributable 255E 1 Subsection (2) applies if an individual holds shares which form part of the ordinary share capital of a company and include…
Section 256 — Tribunal approval for certain uses of power under section 255
Tribunal approval for certain uses of power under section 255 256 1 An officer of Revenue and Customs may not, without the approval of the tribunal, give a notice under section 255 requiring a person…
Section 257 — Ongoing duty to provide information following HMRC notice
Ongoing duty to provide information following HMRC notice 257 1 An authorised officer, or an officer of Revenue and Customs with the approval of an authorised officer, may give a notice to a person…
Section 257JA — Form and amount of relief
Form and amount of relief 257JA 1 If an individual— a is eligible for SI relief in respect of any amount, and b makes a claim in respect of all or some of the amount, the individual is entitled to a…
Section 257KA — Key to reading the rest of the Part
Key to reading the rest of the Part 257KA In the following provisions of this Part (except section 257N), a reference to— “the amount invested”, “the investment”, “the investor”, or “the social…
Section 257LA — Condition that the amount invested must have been paid over
Condition that the amount invested must have been paid over 257LA 1 So far as the investment is in shares— a the shares must be subscribed for wholly in cash, and b must be fully paid up at the time…
Section 257MA — The amount raised from investments potentially eligible for relief
The amount raised from investments potentially eligible for relief 257MA 1 The amount invested must not be more than the amount given by— ( [euro] 200,000 – M RCG + RSI ) − T where— T is the total of…
Section 257PA — Entitlement to claim
Entitlement to claim 257PA 1 The investor is entitled to make a claim for SI relief in respect of the amount invested if the investor has received from the social enterprise a compliance certificate…
Section 257QA — Value received: insignificant receipts
Value received: insignificant receipts 257QA 1 In this section “ insignificant receipt ” means a receipt whose amount— a is not more than £1,000, or b is more than £1,000 but is insignificant in…
Section 257RA — Cases where maximum relief not obtained
Cases where maximum relief not obtained 257RA 1 Subsection (2) applies if the investor's liability to income tax for any tax year is reduced under this Part in respect of the investment and— a the…
Section 257SA — Appeals against section 257QS(3)(b) notices
Appeals against section 257QS(3)(b) notices 257SA For the purposes of the provisions of TMA 1970 relating to appeals, the giving of notice by an officer of Revenue and Customs under section…
Section 257TA — Identification of investments on a disposal
Identification of investments on a disposal 257TA 1 The rules in subsections (2) and (3) are for determining which investments of any class are treated as disposed of for the purposes of— a section…
Section 257JB — Meaning of “community benefit society”
Meaning of “community benefit society” 257JB 1 In this Part “ community benefit society ” means a body that— a is registered as a community benefit society under the 2014 Act, b is a pre-commencement…
Section 257KB — When investment is made, and “investment date”
When investment is made, and “investment date” 257KB 1 For the purposes of this Part “ the investment date ” means the date on which the investment is made. 2 So far as the investment is in shares,…
Section 257LB — The no pre-arranged exits requirements
The no pre-arranged exits requirements 257LB 1 There must not at any time in the shorter applicable period be any arrangements in existence for the investment to be redeemed, repaid, repurchased,…
Section 257MB — Power to amend limits on amounts raised
Power to amend limits on amounts raised 257MB 1 The Treasury may by order amend this Part for the purpose of— a altering any limit for the time being imposed by this Part on amounts that a social…
Section 257PB — 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…
Section 257QB — Value received where there is more than one issue of investments
Value received where there is more than one issue of investments 257QB 1 Subsection (3) applies if— a a time in the longer applicable period when the investor receives value from the social…
Section 257RB — Call options
Call options 257RB 1 This section applies if the investor grants an option which, if exercised, would bind the investor to sell the whole or part of investment. 2 The grant of the option is treated…
Section 257SB — Time limits for assessments
Time limits for assessments 257SB 1 An officer of Revenue and Customs may— a make an assessment for withdrawing or reducing the SI relief attributable to whole or any part of the investment, or b…
Section 257TB — Meaning of a company being “in administration” or “in receivership”
Meaning of a company being “in administration” or “in receivership” 257TB 1 References in this Part to a company being “in administration” or “in receivership” are to be read as follows. 2 A company…
Section 257JC — Charities that are trusts
Charities that are trusts 257JC In this Part (except section 257JD), a reference to a company includes a reference to a charity that is a trust.
Section 257KC — “Shorter applicable period” and “longer applicable period”
“Shorter applicable period” and “longer applicable period” 257KC 1 In this Part “the shorter applicable period” and “the longer applicable period” have the meaning given by this section. 2 The…
Section 257LC — The no risk avoidance requirement
The no risk avoidance requirement 257LC 1 There must not at any time in the shorter applicable period be any arrangements in existence the main purpose or one of the main purposes of which is (by…
Section 257MC — The gross assets requirement
The gross assets requirement 257MC 1 If the social enterprise is a single company, the value of its assets— a must not exceed £15 million immediately before the investment is made, and b must not…
Section 257PC — Compliance certificates
Compliance certificates 257PC 1 For the purposes of this Chapter, a “compliance certificate” is a certificate which— a is issued by the social enterprise in respect of the investment, b states that,…
Section 257QC — Value received where part of investment treated as made in previous tax year
Value received where part of investment treated as made in previous tax year 257QC 1 Subsection (2) applies if— a section 257Q(1) applies to a receipt, and b section 257JA(1) and (2) apply as if part…
Section 257RC — Put options
Put options 257RC 1 This section applies if, at any time in the longer applicable period, a person grants the investor an option which, if exercised, would bind the grantor to purchase the whole or…
Section 257SC — Cases where assessment not to be made
Cases where assessment not to be made 257SC 1 No assessment for withdrawing or reducing SI relief in respect of the investment may be made because of an event occurring after the investor's death. 2…
Section 257TC — Meaning of “associate”
Meaning of “associate” 257TC 1 In this Part “ associate ”, in relation to a person, means— a any relative or partner of the person, b the trustee or trustees of any settlement in relation to which…
Section 257JD — Accreditation as a social impact contractor
Accreditation as a social impact contractor 257JD 1 In this Part “ accredited social impact contractor ” means a company limited by shares that is accredited under this section as a social impact…
Section 257LD — The no linked loans requirement
The no linked loans requirement 257LD 1 No linked loan is to be made by any person, at any time in the longer applicable period, to the investor or an associate of the investor. 2 In this section “…
Section 257MD — The unquoted status requirement
The unquoted status requirement 257MD 1 At the beginning of the shorter applicable period— a the social enterprise must not be a quoted company, b there must be no arrangements in existence for the…
Section 257PD — Penalties for fraudulent certificate or statement etc
Penalties for fraudulent certificate or statement etc 257PD The social enterprise is liable to a penalty not exceeding £3,000 if— a it issues a compliance certificate, or provides a compliance…