Income Tax Act 2007 section 257MNE

Power to amend limits on amounts that may be invested

Section 257MNE gives the Treasury the power to change, by regulations, the monetary limits on the amounts that may be invested in a social enterprise under the Social Investment Tax Relief scheme.

• The Treasury may substitute different figures for the investment limits set out in sections 257MNA(2), 257MNC(2) or (3), and 257MND(4), which govern maximum investment amounts for social enterprises.
• Any regulations made under this power may also include incidental, supplemental, consequential, transitional, or saving provisions as needed to support the changes.
• The regulations are subject to the affirmative procedure: a draft statutory instrument must be laid before and approved by a resolution of the House of Commons before the regulations can take effect.
• This mechanism allows the investment caps to be updated over time without requiring a new Act of Parliament, while still maintaining parliamentary oversight through the draft approval process.