Part 10Special rules about charitable trusts etc
Other exemptions
531Exemption for property income etc
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.
F12A
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.