Income Tax (Trading and Other Income) Act 2005 section 86

Meaning of "urban regeneration company"

Section 86 defines what qualifies as an "urban regeneration company" for the purposes of the tax deduction available under section 82 for contributions made to such bodies.

• An urban regeneration company is any body of persons formally designated as such by Treasury order for the purposes of section 82.
• The body's sole or main function must be to co-ordinate the regeneration of a specific urban area in the United Kingdom, by creating and implementing a development plan for that area.
• The body must be expected to work collaboratively with some or all local or other public authorities that exercise functions in relation to the whole or part of that area.
• A Treasury designation order may take effect up to three months before the date on which the order is actually made, but no earlier than that.