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Paragraph 41

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A “compliance certificate" is a certificate which—

(a)

is issued by the issuing company in respect of the relevant shares,

(b)

states that, except so far as they fall to be met by or in relation to the investing company, the requirements for investment relief are for the time being met in relation to those shares, and

(c)

is in such form as the Inland Revenue may direct.

(2)

Before issuing a compliance certificate in respect of the relevant shares, the issuing company must provide the Inland Revenue with a compliance statement in respect of the issue of shares which includes the relevant shares.

(3)

The issuing company must not issue a compliance certificate without the authority of the Inland Revenue.

(4)

Where the company or a person connected with the company has given notice to the Inland Revenue under paragraph 65 (information to be provided by issuing company etc.) the authority of the Inland Revenue must be given or renewed after the receipt of the notice.