Section 485 — Corporation Tax Act 2010: Exemption for property income etc

Exemption for property income etc 485 1 Income which is chargeable to corporation tax under Part 3 of CTA 2009 (trading income) as a result of section 287 of that Act is not taken into account in calculating total profits so far as—

a it arises in respect of rents or other receipts from an estate, interest or right in or over land, and b the estate, interest or right is vested in any person for charitable purposes.

2 Income which is chargeable to corporation tax under Part 4 of CTA 2009 (property income) is not taken into account in calculating total profits so far as—

a it arises in respect of an estate, interest or right in or over land, and b the estate, interest or right is vested in any person for charitable purposes.

3 Distributions to which section 548 (Real Estate Investment Trusts: distributions) applies and which are chargeable to corporation tax under Part 4 of CTA 2009 are not taken into account in calculating total profits so far as they arise in respect of shares vested in any person for charitable purposes.

4 Subsections (1) to (3) apply so far as the income is applied to charitable purposes only.

5 The exemptions under this section require a claim.