Finance Act 2012

Treatment of income tax deducted or repaid

10 (1) Section 967 of CTA 2010 (set-off of income tax deductions against corporation tax: payments received by UK resident companies) is amended as follows.

(2) After subsection (4) insert—

“(5) The reference in subsection (1) to a payment received by a company does not include a reference to a payment which is exempt from tax by virtue of any of the following—

• section 472 (gifts qualifying for gift aid relief: charitable companies);

• section 475 (gifts qualifying for gift aid relief: eligible bodies);

• section 664 (exemption for interest and gift aid income: community amateur sports clubs).”

(3) In subsection (5) (as inserted by sub-paragraph (2)), after the entry for section 475 insert—

• “section 486 (investment income and non-trading profits from loan relationships);

• section 487 (public revenue dividends);

• section 488 (certain miscellaneous income);

• section 489 (income from estates in administration);”.