CITM7060 - Withdrawal of relief: Value received
The CITR rules prevent an investor obtaining relief for any investment in a community development finance institution (CDFI) if the money invested is returned to the investor in some other form. Without such rules, investors could obtain tax relief without losing the use of their money.
The relevant guidance and legislation is:
Value received in respect of loans |
FA02/SCH16/PARA31 ITA/s363 |
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Value received in respect of shares & securities |
FA02/SCH16/PARA32 ITA/s364 |
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Meaning of period of restriction & the six year period |
FA02/SCH16/PARA33 ITA/s359 |
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Treatment for aggregating insignificant receipts that would otherwise be disregarded |
FA02/SCH16/PARA34 ITA/s365 |
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Determining when value is received |
FA02/SCH16/PARA35 ITA/s366 |
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Determining the amount of value received |
FA02/SCH16/PARA36 ITA/s367 |
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Allocating value received across multiple investments |
FA02/SCH16/PARA37 ITA/s368 |
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Effect on future claims to relief |
FA02/SCH16/PARA38 ITA/s369 |
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Receipts by and from connected persons |
FA02/SCH16/PARA39 ITA/s370 |
