Introduction Overview Overview Section 664: Exemption for interest and gift aid income
2050.This section provides for the interest and gift aid income of a registered club to be exempt from tax if the relevant conditions are met. It is based on paragraph 5 of Schedule 18 to FA 2002.
2051.Subsection (2) provides that if a club is registered for only part of an accounting period, that part is treated as a separate accounting period and the club’s interest income for that separate period is proportionately reduced. This approach follows that of the source legislation.
2052.In subsection (3) thedefinition of “gift aid income” now relies on Chapter 2 of Part 8 of ITA rather than section 25(10) of FA 1990 (see paragraph 5(3)(b) of Schedule 18 to FA 2002). Paragraph 5(4) of that Schedule is not now necessary because section 430 of ITA itself includes CASCs within the definition of charities for the purposes of gift aid.