[257LEA The no disqualifying arrangements requirement]
Income Tax Act 2007 (2007 c 3) | Legislation

[257LEA  The no disqualifying arrangements requirement]

[(1)     The investment must not be made, and money raised by the social enterprise from the making of the investment must not be employed,—

(a)     in consequence or anticipation of disqualifying arrangements, or

(b)     otherwise in connection with disqualifying arrangements.

(2)     Arrangements are “disqualifying arrangements” if—

(a)     the main purpose, or one of the main purposes, of the arrangements is to secure both that an activity is or will be carried on by the social enterprise or a 90% social subsidiary of the social enterprise and that—

(i)     one or more persons (whether or not including any party to the arrangements) may obtain relevant tax relief in respect of a qualifying investment which raises money for the purposes of that activity, or

(ii)     shares issued by the social enterprise which raise

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