Section 664 Exemption for interest , gift aid and company gift incomeF5
United Kingdom
A club which is a registered club throughout an accounting period may make a claim for—
its interest income for that period, F1...
its gift aid income for that periodF2, and
its company gift income for that period,
to be exempt from corporation tax if the whole of that interest income F3, gift aid income and company gift income is applied for qualifying purposes.
If a club is a registered club for only part of an accounting period, this section has effect as if—
that part were a separate accounting period, and
the club's interest income for that separate accounting period were proportionately reduced.
In this section—
F4“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).
Annotations
Textual amendments
- F1
Word in s. 664(1) omitted (with effect in accordance with s. 35(13) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 35(10)(a)
- F2
S. 664(1)(c) and word inserted (with effect in accordance with s. 35(13) of the amending Act) by Finance Act 2014 (c. 26), s. 35(10)(a)
- F3
Words in s. 664(1) substituted (with effect in accordance with s. 35(13) of the amending Act) by Finance Act 2014 (c. 26), s. 35(10)(b)
- F4
Words in s. 664(3) inserted (with effect in accordance with s. 35(13) of the amending Act) by Finance Act 2014 (c. 26), s. 35(10)(c)
- F5
Words in s. 664 heading substituted (with effect in accordance with s. 35(13) of the amending Act) by Finance Act 2014 (c. 26), s. 35(12)(b)