Section 473 | Gifts of money from companies: corporation tax liability and exemption

(1)If a charitable company receives a gift of a sum of money from a company which is not a charity, the gift is treated as an amount in respect of which the charitable company is chargeable to corporation tax, under the charge to corporation tax on income.

(2)But the gift is not taken into account in calculating total profits so far as it is applied to charitable purposes only.

(3)The exemption under subsection (2) requires a claim.