Income Tax Act 2007 (c. 3)

Part 10 U.K. Special rules about charitable trusts etc

Other exemptions U.K.

529 Exemption for profits from fund-raising events U.K.

(1) The profits of a trade carried on by a charitable trust are not taken into account in calculating total income so far as they arise from a VAT-exempt event.

(2) Subsection (1) applies so far as the profits are [F1 either applied for charitable purposes or transferred to another charity].

(3) An event is a VAT-exempt event if the supply of goods and services by the charitable trust in connection with the event would be exempt from value added tax under Group 12 of Schedule 9 to the Value Added Tax Act 1994 (c. 23) (fund-raising events by charities and other qualifying bodies).

Textual Amendments

F1 Words in s. 529(2) substituted (1.4.2011) (with effect in accordance with art. 14(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2011 (S.I. 2011/1037), arts. 1, 14(1)