Commentary

B5.827 Charity exemption for miscellaneous income

Business tax
Business tax | Commentary

B5.827 Charity exemption for miscellaneous income

Business tax | Commentary

B5.827 Charity exemption for miscellaneous income

No account is taken of any income or gains of a charity that are chargeable to tax by virtue of ITA 2007, s 1016 or CTA 2010, s 1173 in calculating total income if conditions A and B are met1.

Condition A is that the income or gains are for a period in which the charity's gross income for the chargeable period does not exceed (or, at the beginning of that period, is not reasonably expected to exceed) the greater of £8,000 and the lesser of £80,000 and 25% of the charity's incoming resources

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial