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Legislation
Income Tax Act 2007

Chapter 4 General conditions

  • Section 350 No control of CDFI by investor
  • Section 351 Investor must have beneficial ownership
  • Section 352 No acquisition of share in partnership
  • Section 353 No tax avoidance purpose
  1. Chapter 4 · General conditions
  2. No acquisition of share in partnership

Section 352 | No acquisition of share in partnership

From legislation.gov.uk

(1)If the CDFI is a partnership, the investment must not consist of or include any amount of capital contributed by the investor on becoming a member of the partnership.

(2)For this purpose the amount of capital contributed by the investor on becoming a member of the partnership includes any amount which—

(a)purports to be provided by the investor by way of loan capital, and

(b)is accounted for as partners' capital in the accounts of the partnership.

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