PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
C1CHAPTER V COMPUTATIONAL PROVISIONS
Deductions
C283A Gifts in kind to charities etc.
1
This section applies where a person carrying on a trade, profession or vocation gives an article falling within subsection (2) below to—
a
a charity within the meaning of section 506, or
b
a body listed in section 507(1).
2
An article falls within this subsection if—
a
it is an article manufactured, or of a class or description sold, by the donor in the course of his trade;F1. . .
b
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Subject to subsection (4) below, where this section applies in the case of the gift of an article—
a
no amount shall be required, in consequence of the donor’s disposal of that article from trading stock, to be brought into account for the purposes of the Tax Acts as a trading receipt of the donor; F1. . .
b
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
In any case where—
a
relief is given under subsection (3) above F2or section 63(2) of the Capital Allowances Act in respect of the gift of an article, and
b
any benefit received in any chargeable period by the donor or any person connected with him is in any way attributable to the making of that gift,
the donor shall in respect of that chargeable period be charged to tax under Case I or Case II of Schedule D or, if he is not chargeable to tax under either of those Cases for that period, under Case VI of Schedule D on an amount equal to the value of that benefit.
5
Section 839 applies for the purposes of this section.
See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.