Income Tax Act 2007 section 257MB

Power to amend limits on amounts raised

Section 257MB grants the Treasury a power to amend by statutory order the limits on amounts that can be raised under the Social Investment Tax Relief scheme, as well as related enterprise size and investment thresholds.

• The Treasury may use secondary legislation (a statutory order) to change the monetary limits on amounts raised through Social Investment Tax Relief.
• This power also extends to amending enterprise size limits and investment caps connected with the relief.
• Changes may be made in connection with obtaining or maintaining State aid approval from the relevant authorities.
• This mechanism allows the government to update financial thresholds without requiring a new Act of Parliament.