Section 477 — Corporation Tax Act 2010: Gifts of money from companies: exemption

Gifts of money from companies: exemption 477 1 A gift of a sum of money that a body receives from a company is not taken into account in calculating total profits if the body receiving the gift qualifies as a scientific research association for the relevant accounting period.

2 The exemption under subsection (1) requires a claim.

3 In subsection (1) “ the relevant accounting period ” means the accounting period for which the exemption is to be claimed.

4 In the case of a body which qualifies as a scientific research association and is also a charitable company, this section applies instead of section 473.