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Income and Corporation Taxes Act 1988

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Changes over time for: Section 506A

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Version Superseded: 23/04/2009

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Income and Corporation Taxes Act 1988, Section 506A is up to date with all changes known to be in force on or before 10 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1506ATransactions with substantial donorsU.K.

(1)This section applies to the following transactions—

(a)the sale or letting of property by a [F2charitable company] to a substantial donor,

(b)the sale or letting of property to a [F2charitable company] by a substantial donor,

(c)the provision of services by a [F2charitable company] to a substantial donor,

(d)the provision of services to a [F2charitable company] by a substantial donor,

(e)an exchange of property between a [F2charitable company] and a substantial donor,

(f)the provision of financial assistance by a [F2charitable company] to a substantial donor,

(g)the provision of financial assistance to a [F2charitable company] by a substantial donor, and

(h)investment by a [F2charitable company] in the business of a substantial donor.

(2)For the purposes of this section a person is a substantial donor to a [F2charitable company] in respect of [F3an accounting] period if—

(a)the [F2charitable company] receives relievable gifts of at least £25,000 from him in a period of 12 months in which [F4the accounting] period wholly or partly falls, or

(b)the [F2charitable company] receives relievable gifts of at least £100,000 from him in a period of six years in which [F4the accounting] period wholly or partly falls;

and if a person is a substantial donor to a [F2charitable company] in respect of [F3an accounting] period by virtue of paragraph (a) or (b), he is a substantial donor to the [F2charitable company] in respect of the following [F5five accounting] periods.

(3)A payment made by a [F2charitable company] to a substantial donor in the course of or for the purposes of a transaction to which this section applies shall be treated for the purposes of section 505 as non-charitable expenditure.

(4)If the terms of a transaction to which this section applies are less beneficial to the [F2charitable company] than terms which might be expected in a transaction at arm's length, the [F2charitable company] shall be treated for the purposes of section 505 as incurring non-charitable expenditure equal to that amount which the Commissioners for Her Majesty's Revenue and Customs determine as the cost to the [F2charitable company] of the difference in terms.

(5)A payment by a [F2charitable company] of remuneration to a substantial donor shall be treated for the purposes of section 505 as non-charitable expenditure unless it is remuneration, for services as a trustee, which is approved by—

(a)the Charity Commission,

(b)another body with responsibility for regulating charities by virtue of legislation having effect in respect of any Part of the United Kingdom, or

(c)a court.]

Textual Amendments

F1Ss. 506A-506C inserted (with effect in accordance with s. 54(2)(3) of the amending Act) by Finance Act 2006 (c. 25), s. 54(1)

F2Words in s. 506A substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 96(2) (with Sch. 2)

F3Words in s. 506A(2) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 96(3)(a) (with Sch. 2)

F4Words in s. 506A(2) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 96(3)(b) (with Sch. 2)

F5Words in s. 506A(2) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 96(3)(c) (with Sch. 2)

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