Corporation Tax Act 2010 section 477

Gifts of money from companies: exemption

Section 477 provides an exemption from corporation tax for scientific research associations that receive gifts of money from companies.

• Gifts of money received by a scientific research association from a company are excluded from the association's total profits for corporation tax purposes.
• The exemption is not automatic — the scientific research association must make a formal claim for it to apply.
• The association must qualify as a scientific research association for the accounting period in which the exemption is being claimed.
• Where a body qualifies as both a scientific research association and a charitable company, this exemption applies instead of the separate exemption for charitable companies under section 473.