Section 257PB | Compliance statements

(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).