2(1)“Donation”, in relation to a regulated donee, means (subject to paragraph 4)—
(a)any gift to the donee of money or other property;
(b)any sponsorship provided in relation to the donee (as defined by paragraph 3);
(c)any money spent (otherwise than by or on behalf of the donee) in paying any expenses incurred directly or indirectly by the donee;
(d)any money lent to the donee otherwise than on commercial terms;
(e)the provision otherwise than on commercial terms of any property, services or facilities for the use or benefit of the donee (including the services of any person);
(f)(where the donee is a members association) any subscription or other fee paid for affiliation to, or membership of, the donee.
(2)Where—
(a)any money or other property is transferred to a regulated donee pursuant to any transaction or arrangement involving the provision by or on behalf of the donee of any property, services or facilities or other consideration of monetary value, and
(b)the total value in monetary terms of the consideration so provided by or on behalf of the donee is less than the value of the money or (as the case may be) the market value of the property transferred,
the transfer of the money or property shall (subject to sub-paragraph (4)) constitute a gift to the donee for the purposes of sub-paragraph (1)(a).
(3)In determining—
(a)for the purposes of sub-paragraph (1)(d) whether any money lent to a regulated donee is so lent otherwise than on commercial terms, or
(b)for the purposes of sub-paragraph (1)(e) whether any property, services or facilities provided for the use or benefit of a regulated donee is or are so provided otherwise than on such terms,
regard shall be had to the total value in monetary terms of the consideration provided by or on behalf of the donee in respect of the loan or the provision of the property, services or facilities.
(4)Where (apart from this sub-paragraph) anything would be a donation both by virtue of sub-paragraph (1)(b) and by virtue of any other provision of this paragraph, sub-paragraph (1)(b) (together with paragraph 3) shall apply in relation to it to the exclusion of the other provision of this paragraph.
(5)Anything given or transferred to any officer, member, trustee or agent of a members association in his capacity as such (and not for his own use or benefit) is to be regarded as given or transferred to the association (and references to donations received by a regulated donee accordingly include, in the case of a members association, donations so given or transferred).
(6)In this paragraph—
(a)any reference to anything being given or transferred to a regulated donee or any other person is a reference to its being so given or transferred either directly or indirectly through any third person;
(b)“gift” includes bequest.