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

[508B  Contemplative religious communities: gains exempt from corporation tax]

[(1)     Subsection (2) applies if, as respects a chargeable period—

(a)     section 508A(2) applies in relation to an independent community,

(b)     the profits of the independent community in the chargeable period are less than the total of the amounts that fall to be treated as income of the qualifying members of the community in accordance with section 508A(2), and

(c)     the independent community has chargeable gains in the chargeable period.

(2)     As respects the chargeable period and each qualifying member of the independent community, the community shall be treated for the purposes of corporation tax as if the relevant amount

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