Related Commentary  

488(1)  The income mentioned in subsection (3) is not taken into account in calculating total profits if–

(a)it is income of a charitable company, or

(b)it is required, under an Act (including an Act of the Scottish Parliament), court judgment, charter, trust deed or will, to be applied to charitable purposes only.

488(2)  Subsection (1) applies so far as the income is applied to charitable purposes only.

488(3)  The income referred to in subsection (1) is–

(a)non-trading gains on intangible fixed assets,

(b)annual payments charged to tax under Chapter 7 of Part 10 of CTA 2009, and

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