Part 11Charitable companies etc

Chapter 3Other exemptions

Exemptions

485Exemption for property income etc

(1)

Income which is chargeable to corporation tax under Part 3 of CTA 2009 (trading income) as a result of section 287 of that Act is not taken into account in calculating total profits so far as—

(a)

it arises in respect of rents or other receipts from an estate, interest or right in or over land, and

(b)

the estate, interest or right is vested in any person for charitable purposes.

(2)

Income which is chargeable to corporation tax under Part 4 of CTA 2009 (property income) is not taken into account in calculating total profits so far as—

(a)

it arises in respect of an estate, interest or right in or over land, and

(b)

the estate, interest or right is vested in any person for charitable purposes.

(3)

Distributions to which section 548 (Real Estate Investment Trusts: distributions) applies and which are chargeable to corporation tax under Part 4 of CTA 2009 are not taken into account in calculating total profits so far as they arise in respect of shares vested in any person for charitable purposes.

(4)

Subsections (1) to (3) apply so far as the income is applied to charitable purposes only.

(5)

The exemptions under this section require a claim.