Corporation Tax Act 2010
2010 CHAPTER 4
Introduction
Part 7: Community investment tax relief
Chapter 3: General conditions
Section 232: Investor must have beneficial ownership
848.This section provides that the investor must be the sole beneficial owner of the investment. It is based on paragraph 15 of Schedule 16 to FA 2002. Trustees and joint investors are thus precluded from obtaining CITR. But see section 262 which enables investments to be made by a nominee or a bare trustee for a company.
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