Section 493 — Corporation Tax Act 2010: The non-exempt amount

The non-exempt amount 493 1 A charitable company has a non-exempt amount for an accounting period if it has—

a non-charitable expenditure for the period (amount A),

and b attributable income and gains for the period (amount B).

2 The non-exempt amount for the accounting period is—

a amount A, or b if less, amount B.

3 For the purposes of this Part—

a a charitable company's “attributable income” for an accounting period is the charitable company's income for the period that is exempt from corporation tax as a result of any of the exemptions mentioned in section 492(3),

b a charitable company's “attributable gains” for an accounting period are any gains accruing to the charitable company in the period that as a result of section 256(1) of TCGA 1992 are not chargeable gains, and c a charitable company's “attributable income and gains” for an accounting period is the sum of its attributable income for the period and its attributable gains for the period.

4 In applying subsection (3)(a) ignore any restrictions on the exemptions under this Part which result from section 492(2).

5 In applying subsection (3)(b) ignore any restriction on the exemption under section 256(1) of TCGA 1992 which results from section 256(4) of that Act.