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.