Part 11

Charitable companies etc
Chapter 4

Restrictions on exemptions

Non-charitable expenditure

Section 496(1)(d): meaning of expenditure
498
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.