Section 477 | Gifts of money from companies: exemption

(1)A gift of a sum of money that a body receives from a company is not taken into account in calculating total profits if the body receiving the gift qualifies as a scientific research association for the relevant accounting period.

(2)The exemption under subsection (1) requires a claim.

(3)In subsection (1) “the relevant accounting period” means the accounting period for which the exemption is to be claimed.

(4)In the case of a body which qualifies as a scientific research association and is also a charitable company, this section applies instead of section 473.