Corporation Tax Act 2010 section 476

Gifts of money from companies: exemption

Section 476 provides an exemption for eligible bodies that receive gifts of money from companies, ensuring such gifts are not included in the calculation of total profits.

• When an eligible body receives a gift of money from a company, that gift is excluded from the calculation of the body's total profits.
• The exemption is not automatic — the eligible body must make a claim to benefit from it.
• Where the eligible body is a charitable company, this exemption applies instead of the separate rules in section 473 regarding gifts of money from companies.
• The exemption applies specifically to gifts of sums of money (as distinct from gifts of other assets).