Part 6Exempt income

Chapter 9Other income

Other

775Income towards reducing the national debt

1

This section applies if property is held on trust in accordance with directions which are valid and effective under section 9 of the Superannuation and other Trust Funds (Validation) Act 1927 (c. 41) (validation of trust funds for the reduction of the national debt).

2

No liability to income tax arises in respect of any of the following—

a

income arising from the property,

b

income arising from the accumulation of that income, and

c

profits of any description otherwise accruing to the property and liable to be accumulated under the trust.