Section 664 — Corporation Tax Act 2010: Exemption for interest , gift aid and company gift income

Exemption for interest , gift aid and company gift income 664 1 A club which is a registered club throughout an accounting period may make a claim for—

a its interest income for that period, ... b its gift aid income for that period , and c its company gift income for that period, to be exempt from corporation tax if the whole of that interest income , gift aid income and company gift income is applied for qualifying purposes.

2 If a club is a registered club for only part of an accounting period, this section has effect as if—

a that part were a separate accounting period, and b the club's interest income for that separate accounting period were proportionately reduced.

3 In this section— “ company gift income ”, in relation to a club, means gifts of money made to the club by companies which are not charities, “ interest income ”, in relation to a club, means interest arising to the club that is not brought into account under section 297 of CTA 2009 (trading credits and debits brought into account under Part 3 of that Act as trading income), and “ gift aid income ”, in relation to a club, means gifts made by individuals to the club which are qualifying donations for the purposes of Chapter 2 of Part 8 of ITA 2007 (gift aid).