Corporation Tax Act 2010 section 490

Eligible bodies

Section 490 extends certain corporation tax exemptions normally available to charitable companies so that they also apply to "eligible bodies" as defined in section 468, with the assumption that all of the eligible body's income is applied to charitable purposes.

• Eligible bodies receive the same corporation tax exemptions as charitable companies across a range of income types, including trading profits, fund-raising events, lotteries, property income, investment income, miscellaneous income, and income from estates in administration.
• For the purposes of these exemptions, all of an eligible body's income is treated as if it were applied to charitable purposes — removing the need to demonstrate this on a case-by-case basis.
• The exemptions cover sections 478 and 479 (charitable trades), 483 (fund-raising events), 484 (lotteries), 485 (property income), 486 (investment income), 488 (miscellaneous income), and 489 (estates in administration).
• The exemption under section 487 is not included because its qualifying conditions are structured differently from the other exemptions listed.