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(1)This section applies if—
(a)a registered club has relevant income or relevant gains for an accounting period (“the accounting period in question”), and
(b)the club incurs non-qualifying expenditure in that period.
(2)For the purposes of this section—
“relevant income”, in relation to an accounting period, means income which is exempt under this Chapter for that period (ignoring the effect of the following provisions of this section),
“relevant gains”, in relation to an accounting period, means gains which are not chargeable gains under this Chapter for the purposes of TCGA 1992 for that period (ignoring the effect of the following provisions of this section), and
“income receipts and chargeable gains”, in relation to an accounting period, means the sum of the club's income receipts for that period (whether or not chargeable to tax) and its chargeable gains for the purposes of TCGA 1992 for that period (ignoring the effect of section 665).
(3)If the amount of the non-qualifying expenditure in the accounting period in question is less than the amount of the income receipts and chargeable gains for that period, there is a reduction in the amount of relief given under this Chapter.
(4)The total amount of the relevant income and relevant gains for that period exempted under this Chapter is reduced by the amount found by the appropriate fraction.
(5)This is the appropriate fraction—
where—
“RIRG” means the total amount of the relevant income and relevant gains for that period,
“NQE” means the amount of the non-qualifying expenditure in that period, and
“IRCG” means the income receipts and chargeable gains for that period.
(6)If the amount of the non-qualifying expenditure in the accounting period in question is at least equal to the amount of the income receipts and chargeable gains for that period, the exemptions under this Chapter—
(a)do not apply, and
(b)are treated as never having applied,
to any of the relevant income or relevant gains for that period.
(7)If the amount of the non-qualifying expenditure in the accounting period in question is greater than the amount of the income receipts and chargeable gains for that period, there is a reduction in the amount of relief given under this Chapter for previous accounting periods.
(8)The total amount of the relevant income and relevant gains for previous accounting periods exempted under this Chapter is reduced (but not below nil) by the surplus amount.
(9)The surplus amount is the amount by which the amount found by the appropriate fraction exceeds the total amount of the relevant income and relevant gains for the accounting period in question.
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