Part 11

Charitable companies etc
Chapter 4

Restrictions on exemptions

Restrictions on exemptions

Attributing income to the non-exempt amount
494
1
This section applies if a charitable company has a non-exempt amount for an accounting period.
2
Attributable income of the charitable company for the accounting period may be attributed to the non-exempt amount but only so far as the non-exempt amount has not been used up.
3
The non-exempt amount can be used up (in whole or in part) by—
a
attributable income being attributed to it under this section, or
b
attributable gains being attributed to it under section 256C of TCGA 1992.
4
The whole of the non-exempt amount must be used up by—
a
attributable income being attributed to the whole of it under this section,
b
attributable gains being attributed to the whole of it under section 256C of TCGA 1992, or
c
a combination of attributable income being attributed to some of it under this section and attributable gains being attributed to the rest of it under section 256C of TCGA 1992.