Introduction Overview Overview Section 492: Restrictions on exemptions
1516.This section restricts exemptions if income of a charitable company is attributed to non-charitable expenditure. It is based on section 505(3) and (4) of ICTA. The corresponding rule for income tax is in section 539 of ITA.
1517.Certain exemptions have been extended or put onto a statutory footing:
	post-cessation receipts. See Change 32in Annex 1 and the commentary on section 478;
	profits of fund-raising events. See Change 35in Annex 1 and the commentary on section 483; and
	income from estates in administration. See Change 37in Annex 1 and the commentary on section 489.
The restrictions apply to these extended exemptions.