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
F2Words in s. 661D cross-heading omitted (with effect in accordance with s. 35(13) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 35(12)(a)
(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.]
If a registered club receives a gift of a sum of money from a company which is not a charity, the gift is treated as an amount in respect of which the registered club is chargeable to corporation tax, under the charge to corporation tax on income.]
Textual Amendments
F3S. 661E inserted (with effect in accordance with s. 35(13) of the amending Act) by Finance Act 2014 (c. 26), s. 35(9)