Part 11Charitable companies etc

Chapter 4Restrictions on exemptions

Non-charitable expenditure

498Section 496(1)(d): meaning of expenditure

1

For the purposes of section 496(1)(d) “expenditure” includes expenditure of a capital nature.

2

None of the following is “expenditure” for those purposes—

a

the investment of any of the charitable company's funds,

b

the making of a loan by the charitable company, or

c

the repayment by the charitable company of the whole or a part of a loan made to it.