1429.This Chapter gives an overview of the Part and provides certain important definitions.
1430.This section sets out the scope of the Part.
1431.This section defines “charitable company” for the purposes of this Part and is based on section 506(1) of ICTA, section 25(12) of FA 1990, section 46(6) of FA 2000 and section 83(5) of FA 2004.
1432.The effect of splitting the source legislation between income tax and corporation tax is that the income tax rules apply to charities constituted in the form of charitable trusts while the corporation tax rules apply to charitable companies.
1433.The definition of charitable company therefore includes charities constituted as unincorporated associations and charities incorporated by Royal Charter.
1434.A definition of a “charity” is included in section 1119 of this Act. The definition for income tax is in section 989 of ITA.
1435.This section lists the institutions which are referred to in this Part as “eligible bodies”. It is based on section 507(1) of ICTA.
1436.This section sets out the conditions necessary for a company to qualify as a scientific research association (SRA) for the purposes of this Part. It is based on section 508(1) to (3) of ICTA.
1437.This section applies the definition of “research and development” in section 1138. It is based on section 508(3) and (4).
1438.Subsection (2) follows the approach taken in section 1138 which draws on the regulatory power in section 1006 of ITA.