Section 522 — Income Tax Act 2007: Gifts of money from companies: income tax liability and exemption

Gifts of money from companies: income tax liability and exemption 522 1 This section applies if gifts of sums of money are made to charitable trusts by companies.

2 But this section does not apply to a gift of a sum of money made by a company that is itself a charity (see section 523).

3 Income tax is charged on the gifts under this section.

4 It is charged on the full amount of the gifts arising in the tax year.

5 But a gift is not taken into account in calculating total income so far as it is applied to charitable purposes only.

6 The trustees of the charitable trust are liable for any tax charged under this section.