Part 10Special rules about charitable trusts etc
Gifts and other payments
522Gifts of money from companies: income tax liability and exemption
1
This section applies if gifts of sums of money are made to charitable trusts by companies.
2
But this section does not apply to a gift of a sum of money made by a company that is itself a charity (see section 523).
3
Income tax is charged on the gifts under this section.
4
It is charged on the full amount of the gifts arising in the tax year.
5
But a gift is not taken into account in calculating total income so far as it is applied to charitable purposes only.
6
The trustees of the charitable trust are liable for any tax charged under this section.