{
  "url": "https://openlegislation.uk/corporation-tax-act-2010/section-662",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2010/section-662.json",
  "legislation": "ukpga/2010/4",
  "legislation_title": "Corporation Tax Act 2010",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2010",
  "path": "section/662",
  "kind": "section",
  "number": "662",
  "heading": "Exemption for UK trading income",
  "text": "(1) A club which is a registered club throughout an accounting period may make a claim for its UK trading income for that period to be exempt from corporation tax if conditions A and B are met.\n(2) Condition A is that the receipts which would (but for this section) be brought into account in calculating the club's UK trading income for that period do not exceed the relevant threshold.\n(3) Condition B is that the whole of its UK trading income for that period is applied for qualifying purposes.\n(4) If a club is a registered club for only part of an accounting period, this section has effect as if—\n(a) that part were a separate accounting period, and\n(b) the club's UK trading income and receipts for that separate accounting period were proportionately reduced.\n(5) In this section “the relevant threshold” means—\n(a) £50,000 in the case of an accounting period which is 12 months, and\n(b) a proportionately reduced figure in the case of a shorter accounting period.\n(5A) The Treasury may by order amend the figure for the time being specified as the relevant threshold in subsection (5)(a).\n(5B) A statutory instrument containing an order under subsection (5A) that amends that figure so as to substitute a lower figure may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.\n(6) In this section “UK trading income” means profits that (apart from this section) are chargeable under Chapter 2 of Part 3 of CTA 2009 and are—\n(a) profits of a trade carried on wholly or partly in the United Kingdom, or\n(b) profits of an activity other than a trade.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in s. 662(5)(a) substituted (1.4.2015) (with effect in accordance with art. 1(2)(3) of the amending S.I.) by The Community Amateur Sports Clubs (Exemptions) Order 2014 (S.I. 2014/3327), arts. 1(1), 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 662(5A)(5B) inserted (1.4.2010) by Finance Act 2013 (c. 29), Sch. 21 paras. 6, 9 (with Sch. 21 para. 10); S.I. 2015/674, art. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2010/4/section/662",
    "retrieved_at": "2026-10-29T09:10:29.433154+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}