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Income Tax Act 2007
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531Exemption for property income etcU.K.
This section has no associated Explanatory Notes
(1)Income which is chargeable to income tax under Part 2 of ITTOIA 2005 (trading income) as a result of section 261 of that Act is not taken into account in calculating total income so far as—
(a)it arises in respect of rents or other receipts from an estate, interest or right in or over land, and
(b)the estate, interest or right is vested in any person in trust for a charitable trust or for charitable purposes.
(2)Income which is chargeable to income tax under Part 3 of ITTOIA 2005 (property income) is not taken into account in calculating total income so far as—
(a)it arises in respect of an estate, interest or right in or over land, and
(b)the estate, interest or right is vested in any person in trust for a charitable trust or for charitable purposes.
[F1(2A)Distributions to which [F2section 548 of CTA 2010] (Real Estate Investment Trusts: distributions) applies and which are chargeable to income tax under Part 2 or Part 3 of ITTOIA 2005 are not taken into account in calculating total income so far as they arise in respect of shares vested in a person in trust for a charitable trust or for charitable purposes.]
(3)Subsection (1) [F3to (2A)] apply so far as the income is applied to charitable purposes only.
Textual Amendments
F1S. 531(2A) inserted (with effect in accordance with s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 17 para. 18(a)
F2Words in s. 531(2A) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 531 (with Sch. 2)
F3Words in s. 531(3) substituted (with effect in accordance with s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 17 para. 18(b)
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