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NICK LLOYD believes community investment tax relief's time may have finally arrived
KEY POINTS
- The increasing importance of community investment tax relief.
- More businesses are seeking financial support.
- The conditions for a qualifying investment.
- Conditions and manner of relief.
- Practical examples of the relief.
Despite its introduction eight years ago in FA 2002 it would be fair to say that community investment tax relief (CITR) has made little impact. Largely forgotten by tax practitioners it is not even considered worthy of comment in some of the tax annuals.
What then is this mysterious tax relief? Put simply it provides tax relief to those who invest in a community development finance institution (CDFI) which in turn provides finance to ventures in deprived areas.
Naturally there are a whole series of conditions to be satisfied...
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