Section 473 — Corporation Tax Act 2010: Gifts of money from companies: corporation tax liability and exemption

Gifts of money from companies: corporation tax liability and exemption 473 1 If a charitable company receives a gift of a sum of money from a company which is not a charity, the gift is treated as an amount in respect of which the charitable company is chargeable to corporation tax, under the charge to corporation tax on income.

2 But the gift is not taken into account in calculating total profits so far as it is applied to charitable purposes only.

3 The exemption under subsection (2) requires a claim.