PART 1Direct taxes

Miscellaneous reliefs

41Charities: exemption for small trades etc

1

In section 528 of ITA 2007 (exemption for small trades of charitable trust: condition that trading incoming resources etc do not exceed requisite limit) in subsection (6)(b) (the requisite limit)—

a

for “£5,000” substitute £8,000”, and

b

for “£50,000” substitute “ £80,000 ”.

2

The amendments made by subsection (1) have effect for the tax year 2019-20 and subsequent tax years.

3

Section 482 of CTA 2010 (exemption for small trades of charitable company: condition that trading incoming resources etc do not exceed requisite limit) is amended as follows.

4

In subsection (6)(b) (the requisite limit)—

a

for “£5,000” substitute “ £8,000 ”, and

b

for “£50,000” substitute “ £80,000 ”.

5

In subsection (7)—

a

for “£5,000” substitute £8,000”, and

b

for “£50,000” substitute “ £80,000 ”.

6

The amendments made by subsections (3) to (5) have effect in relation to accounting periods beginning on or after 1 April 2019.