Section 257MIA The financial health requirementF1F2
The social enterprise must meet the financial health requirement at the beginning of the shorter applicable period.
The financial health requirement is that the social enterprise is not in difficulty.
The social enterprise is “in difficulty” if it is reasonable to assume that it would be regarded as a firm in difficulty for the purposes of the Community Guidelines on State Aid for Rescuing and Restructuring Firms in Difficulty (2004/C 244/02).
Annotations
Textual amendments
- F1
Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1
- F2
S. 257MIA inserted (with effect in accordance with Sch. 1 para. 14(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 1 para. 8
Notes on Conditions relating to the social enterprise: general
Textual amendments
- F2
Word in s. 257M cross-heading inserted (with effect in accordance with Sch. 1 para. 14(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 1 para. 6(1)