Section 663 | Exemption for UK property income

(1)A club which is a registered club throughout an accounting period may make a claim for its UK property income for that period to be exempt from corporation tax if conditions A and B are met.

(2)Condition A is that the receipts which would (but for this section) be brought into account in calculating the club's UK property income for that period do not exceed the relevant threshold.

(3)Condition B is that the whole of its UK property income for that period is applied for qualifying purposes.

(4)If a club is a registered club for only part of an accounting period, this section has effect as if—

(a)that part were a separate accounting period, and

(b)the club's UK property income and receipts for that separate accounting period were proportionately reduced.

(5)In this section “the relevant threshold” means—

(a)£30,000 in the case of an accounting period which is 12 months, and^F1

(b)a proportionately reduced figure in the case of a shorter accounting period.

(5A)The Treasury may by order amend the figure for the time being specified as the relevant threshold in subsection (5)(a).^F2

(5B)A statutory instrument containing an order under subsection (5A) that amends that figure so as to substitute a lower figure may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.^F2

(6)In this section “UK property income” means income of a UK property business which would (but for this section) be chargeable under Chapter 3 of Part 4 of CTA 2009.