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HMRC internal manual

Community investment tax relief manual

Investment by community development finance institutions (CDFIs): Investments which are not relevant investments

SI2003/96 Schedule 1

Accreditation as a CDFI is conditional on the accredited body investing specified proportions of its investment fund within defined time limits in relevant investments in qualifying enterprises (see CITM3005).

The meaning of relevant investments is described at CITM3030.

But certain kinds of investment are specifically excluded from being relevant investments. These excluded investments are listed at SI2003/96 Schedule 1 and fall into the following categories.

CITM3050 investments that are protected by publicly-funded guarantees
CITM3050 certain loans to profit-distributing enterprises
CITM3060 equity investments in profit-distributing enterprises
CITM3065 certain investments in non-profit-distributing enterprises
CITM3070 investments that exceed 20% of the CDFI’s investment fund 
CITM3080 excessive investment in enterprises within Case 2 of SI2003/96 Regulation 10
CITM3020 certain investments in property
CITM3090 excessive investment by retail CDFIs in other CDFIs or similar bodies
CITM3100 excessive investment by wholesale CDFIs in other CDFIs or similar bodies
CITM3110 certain loans to profit-distributing enterprises