Commentary on Sections Overview Section 562: Excess expenditure treated as non-charitable expenditure of earlier years
1687.This section treats “excess expenditure” in a tax year as non-charitable expenditure for earlier tax years. It is based on section 505(3) and (5) of ICTA.
1688.The “excess expenditure” is the amount of the non-charitable expenditure of the year in excess of the available income and gains of the tax year.
1689.The term “available income and gains” is defined in subsection (4). This label replaces “total income and gains” as defined in section 505(3) of ICTA.