Income Tax Act 2007 section 257JE

Meaning of "social impact contract"

Section 257JE defines what a "social impact contract" means for the purposes of the social investment tax relief scheme and gives the Treasury power to set detailed criteria through regulations.

• A social impact contract is one that meets criteria specified in Treasury regulations, enabling it to qualify for accreditation under the tax relief scheme.
• The criteria may cover not only the company seeking accreditation but also other parties to the contract, such as the commissioning body.
• Treasury regulations may refer to guidance material published by or on behalf of a government minister, including material published after the regulations are made.
• The regulations can make different provision for different cases, circumstances, or geographical areas.