Part 10Special rules about charitable trusts etc
Other exemptions
535Exemption for offshore income gains
1
Offshore income gains accruing to a charitable trust are not taken into account in calculating total income.
2
Subsection (1) applies if the gain is applicable and applied to charitable purposes only.
3
In this section “offshore income gain” has the same meaning as in F2Chapter 5 of Part 2 of the Offshore (Tax) Funds Regulations 2009 (S.I. 2009/3001).
4
See F1regulation 31(3) to (5) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), which—
a
applies where property held on charitable trusts ceases to be subject to charitable trusts, and
b
provides for any gain accruing under that subsection to be treated as an offshore income gain not accruing to a charity.