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Corporation Tax Act 2010

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Changes over time for: Cross Heading: Gifts qualifying for gift aid relief

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Version Superseded: 17/07/2014

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Status:

Point in time view as at 31/01/2013.

Changes to legislation:

Corporation Tax Act 2010, Cross Heading: Gifts qualifying for gift aid relief is up to date with all changes known to be in force on or before 04 March 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

[F1Gifts qualifying for gift aid reliefU.K.

Textual Amendments

F1S. 661D and cross-heading inserted (with effect in accordance with Sch. 15 para. 17(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 15 para. 6

661DTax treatment of gifts qualifying for gift aid reliefU.K.

(1)This section applies if a gift is made to a registered club by an individual and the gift is a qualifying donation for the purposes of Chapter 2 of Part 8 of ITA 2007 (gift aid).

(2)The club is treated as receiving, under deduction of income tax at the basic rate for the tax year in which the gift is made, a gift of an amount equal to the grossed up amount of the gift.

(3)The income tax treated as deducted is treated as income tax paid by the club.

(4)The grossed up amount of the gift is treated as an amount in respect of which the club is chargeable to corporation tax, under the charge to corporation tax on income.

But this is subject to section 664 (exemption for interest and gift aid income).

(5)References in this section to the grossed up amount of the gift are to the amount of the gift grossed up by reference to the basic rate for the tax year in which the gift is made.]

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