Financial Statements 2019/2020


MIDDLESEX UNIVERSITY NOTES TO THE ACCOUNTS (continued)


Year Ended 31 July 2020 13. TAXATION


Year ended 31 July 2020 £’000


Recognised in the statement of comprehensive income Foreign taxes


Total tax expense


Year ended 31 July 2019 £’000


74 74


65 65


The University is an exempt charity within the meaning of Part 3 of the Charities Act 2011, and, as such, is a charity within the meaning of Section 506 (1) of the Income and Corporation Taxes Act 1988. The University is recognised as a charity by HM Revenue & Customs (Ref. XN92247). It is therefore a charity within the meaning of Paragraph 1 of Schedule 6 to the Finance Act 2010. Accordingly, the University is potentially exempt from UK taxation in respect of income or capital gains received within categories covered by Section 287 Corporation Tax Act 2009 (CTA 2009) and sections 471, and 478-488 of CTA 2010 (formerly enacted in section 505 of the Income and Corporation Taxes Act 1988 (ICTA)), or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes. The University receives no similar exemption in respect of Value Added Tax (VAT) and any tax incurred is either expensed or capitalised according to the nature of the underlying expenditure.


The foreign tax expenses arise from the activities of certain overseas trading subsidiary companies within their local regions during the year.


108


Middlesex University


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