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.