Section 256C — Corporation Tax Act 2010: Attributing gains to the non-exempt amount: charitable companies

Attributing gains to the non-exempt amount: charitable companies 256C 1 This section applies if a charitable company has a non-exempt amount under section 493 of CTA 2010 for an accounting period.

2 Attributable gains of the charitable company for the 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 gains being attributed to it under this section, or b attributable income being attributed to it under section 494 of CTA 2010.

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

a attributable gains being attributed to the whole of it under this section, b attributable income being attributed to the whole of it under section 494 of CTA 2010, or c a combination of attributable gains being attributed to some of it under this section and attributable income being attributed to the rest of it under section 494 of CTA 2010.

5 In this section and section 256D a charitable company's “attributable income” and “attributable gains” for an accounting period have the same meaning as in Part 11 of CTA 2010 (see section 493 of that Act).

6 In this section “ charitable company ” has the same meaning as in Part 11 of CTA 2010 (see section 467 of that Act).