Section 494 | Attributing income to the non-exempt amount

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

(2)Attributable income of the charitable company for the accounting period may be attributed to the non-exempt amount but only so far as the non-exempt amount has not been used up.

(3)The non-exempt amount can be used up (in whole or in part) by—

(a)attributable income being attributed to it under this section, or

(b)attributable gains being attributed to it under section 256C of TCGA 1992.

(4)The whole of the non-exempt amount must be used up by—

(a)attributable income being attributed to the whole of it under this section,

(b)attributable gains being attributed to the whole of it under section 256C of TCGA 1992, or

(c)a combination of attributable income being attributed to some of it under this section and attributable gains being attributed to the rest of it under section 256C of TCGA 1992.