41Charities: exemption for small trades etcU.K.
(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.