Citation, commencement and effect

1. —(1) These Regulations may be cited as the Community Investment Tax Relief (Amendment of Investment Limits) Regulations 2023 and come into force on 1st June 2023.

(2) Regulations 2 and 3 have effect in relation to accreditation periods ending on or after 1st June 2023.

Amendment of the Income Tax Act 2007

2. In section 348(4) of the Income Tax Act 2007 (tax relief certificates)—

(a) in paragraph (a), for “£10 million” substitute “£25 million” ;

(b) in paragraph (b), for “£20 million” substitute “£100 million” .

Amendment of the Corporation Tax Act 2010

3. In section 229(4) of the Corporation Tax Act 2010 (tax relief certificates)—

(a) in paragraph (a), for “£10 million” substitute “£25 million” ;

(b) in paragraph (b), for “£20 million” substitute “£100 million” .

Amendment of the Community Investment Tax Relief (Accreditation of Community Development Finance Institutions) Regulations 2003

4. In Schedule 1 to the Community Investment Tax Relief (Accreditation of Community Development Finance Institutions) Regulations 2003( 3 ) (investments which are not relevant investments)—

(a) in paragraph 2, for “£100,000” in each place it occurs, substitute “£250,000” ;

(b) in paragraph 3, for “(as published at http://europa.eu.int/comm/competition/‌state_aid/others/reference_rates.html)”, substitute “(the base rate for the United Kingdom as published at https://competition-policy.ec.europa.eu/state-aid/legislation/reference-discount-rates-and-recovery-interest-rates/reference-and-discount-rates_en )” ;

(c) in paragraph 4, for “£250,000” in each place it occurs, substitute “£375,000” .