543 Meaning of “non-charitable expenditure”
Income Tax Act 2007 (2007 c 3) | Legislation

Non-charitable expenditure

543  Meaning of “non-charitable expenditure”

(1)     For the purposes of this Part a charitable trust's non-charitable expenditure for a tax year is—

(a)     any loss made in the tax year in a trade carried on by the charitable trust unless—

(i)     the trade is a charitable trade in relation to the tax year, or

(ii)     the trade is not a charitable trade in relation to the tax year but profits of the trade arising in the tax year would be exempt from income tax as a result of one of the exemptions in sections 526, 529 or 530,

(b)     any payment made in the tax year by the charitable trust in connection with a trade in circumstances where relief is available under section 96 (post-cessation trade relief) unless—

(i)     the trade was a charitable trade in relation to

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