Revenue Note for Guidance

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Revenue Note for Guidance

750 Persons entitled to exemption

This section is aimed at preventing bond-washing by exempt bodies such as exempt approved pension schemes and charities. It debars a claim for exemption on an interest receipt (calculated in accordance with Schedule 21) in so far as that receipt comes within these general provisions. Any tax due to be paid cannot be set off against tax (if any) deducted from annual payments under section 238, and is not allowed as a charge on income for corporation tax purposes.

Relevant Date: Finance Act 2020