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).