Income and Corporation Taxes Act 1988 (c. 1)

SCHEDULES

SCHEDULE 20 U.K. CHARITIES: QUALIFYING INVESTMENTS AND LOANS M1

Marginal Citations

M1 Source—1986 c. 60 Sch. 7 Pts. II—IV.

PART III U.K. ATTRIBUTION OF EXCESS NON-QUALIFYING EXPENDITURE TO EARLIER CHARGEABLE PERIODS

11 This Part of this Schedule applies in the circumstances specified in subsection (6) of section 506 and in this Part—

(a) “the primary period” means the chargeable period of the charity concerned in which there is such an excess as is mentioned in that subsection;

(b) “unapplied non-qualifying expenditure” means so much of the excess referred to in that subsection as does not exceed the non-qualifying expenditure of the primary period; and

(c) “earlier period”, in relation to an amount of unapplied non-qualifying expenditure, means any chargeable period of the charity concerned which ended not more than six years before the end of the primary period.