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HMRC internal manual

Community investment tax relief manual

Investment by community development finance institutions (CDFIs): Guaranteed investments

SI2003/96 Schedule 1(1)

Any investment by a CDFI that benefits directly or indirectly from the security offered by a Phoenix Fund guarantee or any similar publicly-funded underwriting or guarantee arrangement is not a relevant investment for the purposes of SI2003/96 Regulation 8 (see CITM3030).

The Phoenix Fund was managed by the Department for Business, Innovation & Skills’ Small Business Service with the aim of encouraging entrepreneurship in disadvantaged areas. The Phoenix Fund closed on 31 March 2006. After this date the responsibility for CDFI business support devolved to the regional development agencies in England. The devolved administrations in Scotland, Wales and Northern Ireland have their own arrangements.