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.