Section 493 | The non-exempt amount

(1)A charitable company has a non-exempt amount for an accounting period if it has—

(a)non-charitable expenditure for the period (amount A), and

(b)attributable income and gains for the period (amount B).

(2)The non-exempt amount for the accounting period is—

(a)amount A, or

(b)if less, amount B.

(3)For the purposes of this Part—

(a)a charitable company's “attributable income” for an accounting period is the charitable company's income for the period that is exempt from corporation tax as a result of any of the exemptions mentioned in section 492(3),

(b)a charitable company's “attributable gains” for an accounting period are any gains accruing to the charitable company in the period that as a result of section 256(1) of TCGA 1992 are not chargeable gains, and

(c)a charitable company's “attributable income and gains” for an accounting period is the sum of its attributable income for the period and its attributable gains for the period.

(4)In applying subsection (3)(a) ignore any restrictions on the exemptions under this Part which result from section 492(2).

(5)In applying subsection (3)(b) ignore any restriction on the exemption under section 256(1) of TCGA 1992 which results from section 256(4) of that Act.