CTM41020 - Particular bodies: public bodies
바카라 사이트 departments are arms of the Crown and are not subject to CT, applying the principle of Crown exemption. This includes trading funds.
But non-departmental public bodies (NDPBs) are not government departments and do not (with a very few exceptions) enjoy Crown exemption.
They are deliberately established in such a way as to have separate legal identity from the department(s) creating them and it is that separate legal identity which means that they are generally liable to CT.
CTA09/S2 is the CT charging provision and applies to the profits of companies, meaning income and chargeable gains. Company is defined at CTA10/S1119 as:
바카라 사이트ny body corporate or unincorporated association바카라 사이트� .
NDPBs can take a variety of legal forms. Those established as Companies Act companies (companies limited by shares or by聽guarantee) are clearly within the scope of CT accordingly. Most however are not Companies Act companies but are established separately by legislation. The statute generally states 바카라 사이트漷here will be a body corporate known as 바카라 사이트榅YZ바카라 사이트�바카라 사이트�. This again means that they are squarely within the CT provisions.
All the CT provisions will therefore apply to NDPBs whether incorporated under the Companies Act or by separate Act of Parliament. They should be making CTSA returns and paying tax accordingly.
But many of them will not be undertaking a trade and thus will not have trading profits. Any grant income is unlikely to be taxable, but see BIM40450 onwards. Whether or not a trade exists depends on a detailed consideration of the facts - see BIM20050 onwards.
Whether or not an NDPB is chargeable on any trading income, it will be chargeable on investment income such as income from letting or bank interest, and on any chargeable gains.