Part IIIIncome Tax, Corporation Tax and Capital Gains Tax
Miscellaneous
138Charities, etc.: lotteries
(1)
In section 505 of the Taxes Act 1988 (charities: general) in subsection (1) (exemptions) after paragraph (e) there shall be inserted—
“(f)
exemption from tax under Schedule D in respect of profits accruing to a charity from a lottery if—
(i)
the lottery is promoted and conducted in accordance with section 3 or 5 of the M1Lotteries and Amusements Act 1976 or Article 133 or 135 of the M2Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985; and
(ii)
the profits are applied solely to the charity’s purposes.”
(2)
Subsection (1) above shall apply to chargeable periods beginning—
(a)
in the case of a company, after 31st March 1995; and
(b)
in any other case, after 5th April 1995.