Part 11Charitable companies etc
Chapter 4Restrictions on exemptions
Non-charitable expenditure
498Section 496(1)(d): meaning of expenditure
(1)
For the purposes of section 496(1)(d) “expenditure” includes expenditure of a capital nature.
(2)
None of the following is “expenditure” for those purposes—
(a)
the investment of any of the charitable company's funds,
(b)
the making of a loan by the charitable company, or
(c)
the repayment by the charitable company of the whole or a part of a loan made to it.