[508A Contemplative religious communities: profits exempt from corporation tax]
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

[508A  Contemplative religious communities: profits exempt from corporation tax]

[(1)     Subsection (2) applies in a case where members of a qualifying contemplative religious community transfer all their income and assets, or covenant all their income, to the community (“the independent community”) (and for this purpose it is irrelevant whether or not the community is part of an order or religious institution).

(2)     As respects each chargeable period of the independent community, and each person who is a qualifying member of the independent community at any time in that period, the independent community shall be treated for the purposes of corporation tax as if an amount of its profits for the chargeable period equal to the relevant amount (see subsections (5) to (7)) were income of the qualifying member.

(3)     Subsection (4) applies in a case where—

(a)     one or more qualifying contemplative religious communities (“constituent communities”) are part of an order or religious institution (“the parent body”), and

(b)     members of the constituent communities transfer all their income and assets, or covenant all their income, to the parent body.

(4)

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