PART 2Circumstances in which accepting a deposit is not a core activity

Qualifying condition for an organisation which is not a body corporate or a partnership5

1

The qualifying condition for an organisation which is not a body corporate or a partnership is that the organisation’s gross income for the relevant financial year was more than £6.5 million.

2

In this article “gross income” means an organisation’s gross income from all sources.

3

For the purpose of paragraph (2)—

a

the gross income of a charity or a CIO which—

i

is not entered in the register of charities kept under section 3 of the Charities and Trustee Investment (Scotland) Act 200518 (“the Scottish Charity Register”), and

ii

is a member of a group as defined in section 141 of the Charities Act 2011 or paragraph 1(5) of Schedule 6 to the Charities (Northern Ireland) Act 200819

includes the gross income of any charity or CIO which is a member of the same group, and

b

the gross income of a charity or a CIO which—

i

is entered in the Scottish Charity Register, and

ii

has one or more subsidiary undertakings (as defined by regulation 1(2) of the Charities Accounts (Scotland) Regulations 2006)20,

includes the gross income of any of those subsidiary undertakings which are charities or CIOs.