Legislation – Subsidy Control Act 2022
Changes to legislation:
There are currently no known outstanding effects for the Subsidy Control Act 2022, Section 39.
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PART 3Exemptions
CHAPTER 2Minimal or SPEI financial assistance
Services of public economic interest assistance
39Section 38: procedural requirements
(1)
Before giving SPEI assistance, a public authority must give to the enterprise a SPEI assistance notification.
(2)
A “SPEI assistance notification” means a written statement—
(a)
explaining that the authority is proposing to give to the enterprise a subsidy by way of SPEI assistance,
(b)
specifying the gross value amount of the assistance, and
(c)
requesting written confirmation from the enterprise that the total amount specified in section 38(1) will not be exceeded by the enterprise receiving the proposed assistance.
(3)
The public authority may proceed to give the assistance only after it has received the confirmation referred to in subsection (2)(c).
(4)
On giving the assistance, the public authority must provide to the enterprise a SPEI assistance confirmation.
(5)
A “SPEI assistance confirmation” means a written statement confirming—
(a)
that the subsidy is given as SPEI assistance,
(b)
the date on which it is given, and
(c)
the gross value amount of the assistance.
(6)
The enterprise must keep a written record detailing—
(a)
that it has received a subsidy by way of SPEI assistance,
(b)
the date on which it was given, and
(c)
the gross value amount of the assistance.
(7)
The record required by subsection (6) must be kept for at least three years beginning with the date mentioned in paragraph (b) of that subsection.
(8)
In this section—
“the enterprise” means the enterprise that receives, or that would receive, SPEI assistance;
“gross value amount” of SPEI assistance means the gross cash amount (see subsection (5)(a) of section 38) or the gross cash equivalent (see subsection (5)(b) of that section).