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Legislation
Corporation Tax Act 2010

Crossheading Restrictions on exemptions

  • Section 492 Restrictions on exemptions
  • Section 493 The non-exempt amount
  • Section 494 Attributing income to the non-exempt amount
  • Section 495 How income is attributed to the non-exempt amount
  1. Restrictions on exemptions
  2. Restrictions on exemptions

Section 492 | Restrictions on exemptions

From legislation.gov.uk

(1)This section applies if a charitable company has a non-exempt amount for an accounting period (see section 493).

(2)The exemptions mentioned in subsection (3) do not apply, and are treated as never having applied, to so much of any income of the charitable company for the accounting period as is attributed under section 494 to the non-exempt amount.

(3)Those exemptions are—

(a)the exemptions under this Part, and

(b)the exemption under regulation 31(1) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (exemption from corporation tax in respect of certain offshore income gains).

(4)Section 256(4) of TCGA 1992 contains corresponding restrictions which apply in relation to section 256(1) of that Act (gains accruing to charities not to be chargeable gains).

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