Corporation Tax Act 2010

663 Exemption for UK property income U.K.

(1) A club which is a registered club throughout an accounting period may make a claim for its UK property income for that period to be exempt from corporation tax if conditions A and B are met.

(2) Condition A is that the receipts which would (but for this section) be brought into account in calculating the club's UK property income for that period do not exceed the relevant threshold.

(3) Condition B is that the whole of its UK property income for that period is applied for qualifying purposes.

(4) If a club is a registered club for only part of an accounting period, this section has effect as if—

(a) that part were a separate accounting period, and

(b) the club's UK property income and receipts for that separate accounting period were proportionately reduced.

(5) In this section “the relevant threshold” means—

(a) [F1 £30,000] in the case of an accounting period which is 12 months, and

(b) a proportionately reduced figure in the case of a shorter accounting period.

[F2 (5A) The Treasury may by order amend the figure for the time being specified as the relevant threshold in subsection (5)(a).

(5B) A statutory instrument containing an order under subsection (5A) that amends that figure so as to substitute a lower figure may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.]

(6) In this section “UK property income” means income of a UK property business which would (but for this section) be chargeable under Chapter 3 of Part 4 of CTA 2009.

Textual Amendments

F1 Word in s. 663(5)(a) substituted (1.4.2015) (with effect in accordance with art. 1(2)(3) of the amending S.I.) by The Community Amateur Sports Clubs (Exemptions) Order 2014 (S.I. 2014/3327), arts. 1(1), 3

F2 S. 663(5A)(5B) inserted (1.4.2010) by Finance Act 2013 (c. 29), Sch. 21 paras. 7, 9 (with Sch. 21 para. 10); S.I. 2015/674, art. 2