Related Commentary  

663(1)  A club which is a registered club throughout an accounting period may make a claim for its UK property income for that period to be exempt from corporation tax if conditions A and B are met.

663(2)  Condition A is that the receipts which would (but for this section) be brought into account in calculating the club's UK property income for that period do not exceed the relevant threshold.

663(3)  Condition B is that the whole of its UK property income for that period is applied for qualifying purposes.

663(4)  If a club is a registered club for only part of an accounting period, this section has effect as if–

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