
2023 No. 518
Corporation Tax
Income Tax
The Community Investment Tax Relief (Amendment of Investment Limits) Regulations 2023
Made 9th May 2023
Laid before the House of Commons 11th May 2023
Coming into force 1st June 2023
The Treasury, in exercise of the powers conferred by sections 340(2)(b) and (6), 341(1) and 348(6) and (7) of the Income Tax Act 2007 and section 229(6) and (7) of the Corporation Tax Act 2010, make the following Regulations.
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 (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”.
Steve Double
Andrew Stephenson
Two of the Lords Commissioners of His Majesty’s Treasury
9th May 2023