Income Tax Act 2007 section 373

Information to be provided by the investor

Section 373 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• An investor who has obtained CITR must notify HMRC if an event occurs that causes the relief to be withdrawn or reduced — for example, disposal of a loan, disposal of securities or shares, repayment of loan capital, or receipt of value by the investor during the relevant period.
• The notice must contain particulars of the triggering event and must normally be filed no later than the self-assessment filing date for the tax year in which the event occurred.
• Where the notification obligation arises because a person connected with the investor received value, and the investor only becomes aware of this after the normal filing deadline, a special extended deadline applies.
• In that case, the investor has 60 days from the date they first became aware of the event to submit the notice, even if this falls after the usual self-assessment filing date.