Version Superseded: 06/04/2007
Point in time view as at 28/09/2004.
Income and Corporation Taxes Act 1988, PART II is up to date with all changes known to be in force on or before 13 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.
10[F11]For the purposes of section 506, a loan which is not made by way of investment is a qualifying loan if it consists of—
(a)a loan made to another charity for charitable purposes only; or
(b)a loan to a beneficiary of the charity which is made in the course of carrying out the purposes of the charity; or
(c)money placed on current account with [F2a bank] otherwise than as part of such an arrangement as is mentioned in paragraph 7(2) above; or
(d)any other loan as to which the Board are satisfied, on a claim made to them in that behalf, that the loan is made for the benefit of the charity and not for the avoidance of tax (whether by the charity or by some other person).
[F3(2)In this paragraph “bank” has the meaning given by section 840A.]
Textual Amendments
F1Sch. 20 para. 10 renumbered as para. 10(1) (with application in accordance with Sch. 37 para. 10 of the amending Act) by virtue of Finance Act 1996 (c. 8), Sch. 37 para. 2(4)
F2Words in Sch. 20 para 10 substituted (with application in accordance with Sch. 37 para. 10 of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 5
F3Sch. 20 para. 10(2) inserted (with application in accordance with Sch. 37 para. 10 of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 2(4)
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