Commentary

B5.833 Charity exemption for transactions in deposits

Business tax
Business tax | Commentary

B5.833 Charity exemption for transactions in deposits

Business tax | Commentary

B5.833 Charity exemption for transactions in deposits

Profits or gains arising to a charitable trust from the disposal of exempt deposit rights are not taken into account in calculating total income in so far as the profits or gains are applied for charitable purposes only1. For rights in existence before 1 April 1996, CTA 2010, Sch 2, para 70 applies. This saving is necessary because rights arising on or after April 1996 fall within the loan relationships legislation. This saving ensures that the disposal of pre-1996 rights are still exempt so far as they are applied to charitable purposes although

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