Corporation Tax Act 2010 section 260

Information to be provided by the investor

Section 260 requires an investor who has claimed Community Investment Tax Relief (CITR) to notify HMRC when an event occurs that triggers the withdrawal or reduction of that relief.

• An investor who has obtained CITR must notify HMRC of any event that causes the relief to be withdrawn or reduced, such as disposal of a loan, securities or shares during the five-year period, or receipt of value by the investor during the six-year period.
• The notice must generally be given within 12 months after the end of the accounting period in which the triggering event occurred.
• Where the event involves the receipt of value by a person connected with the investor, and the investor only becomes aware of it after the normal deadline has passed, the investor has 60 days from the date they become aware of the event to give notice.
• The 60-day extension only applies where that extended deadline falls later than the standard 12-month deadline; otherwise, the standard deadline still applies.