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Corporation Tax Act 2010

Section 666: Exemptions reduced if non-qualifying expenditure incurred

2054.This section provides for exemptions to be restricted if the club incurs expenditure for non-qualifying purposes. It is based on paragraphs 8 and 16 of Schedule 18 to FA 2002.

2055.The reference to “income receipts” replaces the reference in paragraph 8 to “income (whether taxable or not and before deduction of expenses)”.

2056.Paragraph 8(5) of Schedule 18 to FA 2002 provides a formula to ascertain the relevant surplus amount of non-qualifying expenditure. This is unpacked and set out in narrative form.

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