SCHEDULES
SCHEDULE 18Relief for community amateur sports clubs
Part 2Exemptions for registered clubs
4Exemption for trading income
1
Where—
a
a club is a registered club throughout an accounting period,
b
its trading income for that period (before deduction of any expenses) does not exceed £15,000,
c
the whole of that income is applied for qualifying purposes, and
d
the club makes a claim under this paragraph to the Inland Revenue,
it shall be exempt from corporation tax on that income.
2
In relation to an accounting period that is shorter than 12 months, sub-paragraph (1)(b) has effect as if the amount specified there were proportionately reduced.
3
Where a club is a registered club for only part of an accounting period, sub-paragraph (1) has effect as if—
a
that part were a separate accounting period;
b
the club’s trading income for that part were the proportionately reduced amount of its trading income for the actual accounting period.
4
In this paragraph “trading income” means income that (apart from this paragraph) is chargeable under Case I of Schedule D.