Part 11Charitable companies etc

Chapter 4Restrictions on exemptions

Restrictions on exemptions

494Attributing income to the non-exempt amount

1

This section applies if a charitable company has a non-exempt amount for an accounting period.

2

Attributable income of the charitable company for the accounting period may be attributed to the non-exempt amount but only so far as the non-exempt amount has not been used up.

3

The non-exempt amount can be used up (in whole or in part) by—

a

attributable income being attributed to it under this section, or

b

attributable gains being attributed to it under section 256C of TCGA 1992.

4

The whole of the non-exempt amount must be used up by—

a

attributable income being attributed to the whole of it under this section,

b

attributable gains being attributed to the whole of it under section 256C of TCGA 1992, or

c

a combination of attributable income being attributed to some of it under this section and attributable gains being attributed to the rest of it under section 256C of TCGA 1992.