Related Commentary  

666(1)  This section applies if–

(a)a registered club has relevant income or relevant gains for an accounting period (“the accounting period in question”), and

(b)the club incurs non-qualifying expenditure in that period.

666(2)  For the purposes of this section–

“relevant income”, in relation to an accounting period, means income which is exempt under this Chapter for that period (ignoring the effect of the following provisions of this section),

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