Income Tax (Trading and Other Income) Act 2005 section 85

Supplementary provisions with respect to approvals

Section 85 sets out the rules governing conditional approval of local enterprise agencies by the relevant national authority, including the requirements that may be imposed, special rules where a separate fund is involved, and the circumstances in which approval must be withdrawn.

• The relevant national authority may grant approval subject to conditions relating to accounts, provision of information, and other matters it considers appropriate
• Where approval is based on the body having or being about to have a separate fund, the approval must specify the fund and only contributions made wholly to or for the purposes of that fund qualify for tax relief
• The authority must withdraw approval if the body no longer meets the required conditions for approval or fails to comply with any requirement imposed as a condition of its approval
• On withdrawal, the authority must notify the body and specify the effective date of withdrawal, which may be earlier than the date the notice is actually given