# Income Tax Act 2007, Section 529: Exemption for profits from fund-raising events

Extent: E+W+S+N.I.

(1) The profits of a trade carried on by a charitable trust are not taken into account in calculating total income so far as they arise from a VAT-exempt event.
(2) Subsection (1) applies so far as the profits are either applied for charitable purposes or transferred to another charity.
(3) An event is a VAT-exempt event if the supply of goods and services by the charitable trust in connection with the event would be exempt from value added tax under Group 12 of Schedule 9 to the Value Added Tax Act 1994 (c. 23) (fund-raising events by charities and other qualifying bodies).

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/529 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-529
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.