254(1)Amend section 256 (charities) as follows.U.K.
(2)In subsection (1) omit “section 505(4) of the Taxes Act and”.
(3)After subsection (3) insert—
“(3A)Subsection (4) below also applies if a charitable company has a non-exempt amount under section 493 of CTA 2010 for an accounting period.”
(4)For subsection (4) substitute—
“(4)Gains accruing—
(a)to the charitable trust in the year of assessment, or
(b)to the charitable company in the accounting period,
are treated as being, and always having been, chargeable gains so far as they are attributed to the non-exempt amount under section 256A (in the case of a charitable trust) or section 256C (in the case of a charitable company).”
(5)After subsection (6) insert—
“(7)For restrictions on exemptions under Part 11 of CTA 2010 (charitable companies etc) see section 492 of that Act.
(8)In this section “charitable company” has the same meaning as in Part 11 of CTA 2010 (see section 467 of that Act).”