Finance Act 2014
Sections and provisions with full text and the judgments that cite each one.
Section 257QD — Cases where maximum SI relief not obtained
Cases where maximum SI relief not obtained 257QD 1 If the investor's liability to income tax is reduced for any tax year in respect of the investment and— a the amount of the reduction (“A”), is less…
Section 257SD — Date from which interest is chargeable
Date from which interest is chargeable 257SD 1 In its application to an assessment made by virtue of section 257S in the case of relief withdrawn or reduced by virtue of a provision listed in…
Section 257TD — Meaning of “control”
Meaning of “control” 257TD 1 In this Part “ control ” is to be read in accordance with sections 450 and 451 of CTA 2010 but as if “company” in those sections included a charity that is a trust. 2 For…
Section 257JE — Meaning of “social impact contract”
Meaning of “social impact contract” 257JE 1 In this Part “ social impact contract ” means a contract that meets such criteria as may be specified in regulations made by the Treasury. 2 The criteria…
Section 257LE — The no tax avoidance requirement
The no tax avoidance requirement 257LE The investment must not be made as part of any arrangements the main purpose or one of the main purposes of which is the avoidance of tax.
Section 257ME — The control and independence requirements
The control and independence requirements 257ME 1 The social enterprise must not at any time in the shorter applicable period control (whether on its own or together with any person connected with…
Section 257PE — Power to amend Chapter
Power to amend Chapter 257PE 1 The Treasury may by order amend this Chapter. 2 An order under this section may include consequential, incidental or transitional provision or savings, including…
Section 257QE — When value is received
When value is received 257QE 1 This section applies for the purposes of sections 257Q and 257QB. 2 The investor receives value from the social enterprise at any time when the social enterprise— a…
Section 257SE — Information to be provided by the investor
Information to be provided by the investor 257SE 1 This section applies if the investor has obtained SI relief in respect of the investment, and an event occurs as a result of which— a the SI relief…
Section 257TE — Minor definitions etc
Minor definitions etc 257TE 1 In this Part— “arrangements” (except as used, in sections 257LB and 257QK, in the expressions “issuing arrangements” and “repayment arrangements”) includes any scheme,…
Section 257JF — Accreditations: supplementary provisions
Accreditations: supplementary provisions 257JF 1 An accreditation must be made so as to be conditional on compliance with— a any requirements imposed by or under regulations, and b any other…
Section 257LF — Restrictions on being an employee, partner or paid director
Restrictions on being an employee, partner or paid director 257LF 1 This section applies— a to the investor, and b to any individual who is an associate of the investor. 2 An individual to whom this…
Section 257MF — The qualifying subsidiaries requirement
The qualifying subsidiaries requirement 257MF Any subsidiary that the social enterprise has at any time in the shorter applicable period must be a qualifying subsidiary of the social enterprise.
Section 257QF — The amount of value received
The amount of value received 257QF In a case falling within a provision listed in column 1 of the following table, the amount of value received for the purposes of sections 257Q and 257QB is given by…
Section 257SF — Information to be provided by the social enterprise etc
Information to be provided by the social enterprise etc 257SF 1 This section applies if the social enterprise has provided an officer of Revenue and Customs with a compliance statement in respect of…
Section 257JG — Period of accreditation as a social impact contractor
Period of accreditation as a social impact contractor 257JG 1 An accreditation under section 257JD has effect for a period— a beginning with the day specified in the accreditation, and b of a length…
Section 257LG — The requirement not to be interested in capital etc of social enterprise
The requirement not to be interested in capital etc of social enterprise 257LG 1 This section applies— a to the investor, and b to any individual who is an associate of the investor. 2 In this…
Section 257MG — The property-managing subsidiaries requirement
The property-managing subsidiaries requirement 257MG 1 Any property-managing subsidiary that the social enterprise has at any time in the shorter applicable period must be a 90% social subsidiary of…
Section 257QG — Receipts of value by and from connected persons etc
Receipts of value by and from connected persons etc 257QG In sections 257Q, 257QA, 257QB, 257QE and 257QF— a any reference to a payment or transfer to the investor includes a reference to a payment…
Section 257SG — Power to require information in section 257SE or 257SF cases
Power to require information in section 257SE or 257SF cases 257SG 1 This section applies if an officer of Revenue and Customs has reason to believe that a person— a has not given a notice which the…
Section 257JH — Functions of Ministers of the Crown under sections 257JD to 257JG
Functions of Ministers of the Crown under sections 257JD to 257JG 257JH 1 A Minister of the Crown may delegate any function given to a Minister of the Crown by or under sections 257JD to 257JG other…
Section 257LH — Requirement for no collusion with a non-qualifying investor
Requirement for no collusion with a non-qualifying investor 257LH There must not at any time in the longer applicable period be any arrangements— a as part of which— i the investor makes the…
Section 257MH — The number of employees requirement
The number of employees requirement 257MH 1 If the social enterprise is a single company, the full-time equivalent employee number for it must be less than 500 when the investment is made. 2 If the…
Section 257QH — Receipt of replacement value
Receipt of replacement value 257QH 1 If— a any SI relief attributable to the investment would, in the absence of this section, be reduced or withdrawn under section 257Q because of a receipt of value…
Section 257SH — Power to require information in other cases
Power to require information in other cases 257SH 1 Subsection (2) applies if SI relief is claimed in respect of the investment, and an officer of Revenue and Customs has reason to believe that it…
Section 257MI — The no partnership requirement
The no partnership requirement 257MI 1 The requirements in this section apply during the shorter applicable period. 2 The social enterprise must not be a member of any partnership. 3 Each 90% social…
Section 257QI — Section 257QH: supplementary
Section 257QH: supplementary 257QI 1 The receipt of the replacement value by the original supplier is ignored for the purposes of section 257QH(1) to the extent to which it has previously been set…
Section 257SI — Confidentiality
Confidentiality 257SI 1 Section 18(1) of the Commissioners for Revenue and Customs Act 2005 does not prevent an officer of Revenue and Customs from disclosing to the social enterprise that SI relief…
Section 257J — Meaning of “SI relief” and “social enterprise”
Meaning of “SI relief” and “social enterprise” 257J 1 This Part provides for income tax relief for social investments (“SI relief”), that is, entitlement to tax reductions in respect of amounts…
Section 257MJ — The trading requirement
The trading requirement 257MJ 1 The social enterprise must meet the trading requirement throughout the shorter applicable period, but this does not apply if the social enterprise is an accredited…
Section 257QJ — Repayments etc of share capital to other persons
Repayments etc of share capital to other persons 257QJ 1 This section applies if any SI relief is attributable to the whole or any part of the investment and, at any time in the longer applicable…
Section 257K — Eligibility for SI relief
Eligibility for SI relief 257K 1 An individual (“the investor”) who invests in a social enterprise is eligible for SI relief in respect of the amount invested if— a the investment is made— i by the…
Section 257MK — Ceasing to meet trading requirement: administration or receivership
Ceasing to meet trading requirement: administration or receivership 257MK 1 The social enterprise is not regarded as ceasing to meet the trading requirement merely because of anything done in…
Section 257QK — Insignificant payments ignored for the purposes of section 257QJ
Insignificant payments ignored for the purposes of section 257QJ 257QK 1 A repayment is ignored for the purposes of section 257QJ if both— a the market value of the shares to which it relates (“the…
Section 257L — Investment to be in new shares or new qualifying debt investments
Investment to be in new shares or new qualifying debt investments 257L 1 At all times during the shorter applicable period, the investment must be in— a shares that meet conditions A and B and are…
Section 257ML — The issue must be to raise money for chosen trade or preparing for it
The issue must be to raise money for chosen trade or preparing for it 257ML 1 The social enterprise must be a party to the making of the investment (so far as not in bonus shares) in order to raise…
Section 257QL — Amount of repayments etc if there is more than one issue of shares
Amount of repayments etc if there is more than one issue of shares 257QL 1 This section applies if, in relation to the same repayment, section 257QJ(2) applies to SI relief attributable to two or…
Section 257M — The continuing to be a social enterprise requirement
The continuing to be a social enterprise requirement 257M The social enterprise must be a social enterprise throughout the shorter applicable period.
Section 257MM — Requirement to use money raised and to trade for minimum period
Requirement to use money raised and to trade for minimum period 257MM 1 All of the money raised by the social enterprise from the making of the investment must, no later than the end of 28 months…
Section 257QM — Single issue affecting more than one individual
Single issue affecting more than one individual 257QM 1 This section applies if, in relation to the same repayment, section 257QJ(2) applies to SI relief attributable to shares held by two or more…
Section 257MN — The social enterprise must carry on the chosen trade
The social enterprise must carry on the chosen trade 257MN 1 There must not be a time in the shorter applicable period when— a the chosen trade, or b relevant preparation work, is carried on by a…
Section 257N — Attribution of SI relief to investments
Attribution of SI relief to investments 257N 1 References in this Part, in relation to any individual, to the SI relief attributable to any investment are to be read as references to any reduction…
Section 257QN — Single issue treated as made partly in previous tax year
Single issue treated as made partly in previous tax year 257QN 1 This section applies if— a section 257QJ(2) applies to SI relief attributable to shares held by an individual, and b part of the issue…
Section 257QO — Maximum relief not obtained for share issue
Maximum relief not obtained for share issue 257QO 1 This section applies if section 257QJ(2) applies to SI relief attributable to shares held by the investor and— a the amount of the reduction (“D”)…
Section 257MP — Meaning of “qualifying trade”
Meaning of “qualifying trade” 257MP 1 For the purposes of this Chapter, a trade is a qualifying trade if— a it is conducted on a commercial basis and with a view to the realisation of profits, and b…
Section 257P — Time for making claims for SI relief
Time for making claims for SI relief 257P 1 A claim for SI relief in respect of the amount invested may be made— a not earlier than the time the requirement in section 257MM(2) (chosen trade must…
Section 257QP — Repayment of authorised minimum within 12 months
Repayment of authorised minimum within 12 months 257QP 1 This section applies if— a a company issues share capital (“the original shares”) of nominal value equal to the authorised minimum (within the…
Section 257MQ — Meaning of “excluded activity”
Meaning of “excluded activity” 257MQ 1 The following are excluded activities for the purposes of sections 257JD, 257MJ and 257MP— a dealing in land, in commodities or futures or in shares, securities…
Section 257Q — Effect of the investor receiving value from the social enterprise
Effect of the investor receiving value from the social enterprise 257Q 1 If the investor receives any value from the social enterprise at any time in the longer applicable period, any SI relief given…
Section 257QQ — Acquisition of a trade or trading assets
Acquisition of a trade or trading assets 257QQ 1 Any SI relief attributable to the investment is withdrawn if— a at any time in the longer applicable period, the social enterprise or any qualifying…