Schedules
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Taxation of Chargeable Gains Act 1992
254
1
Amend section 256 (charities) as follows.
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).