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.
(3)Subsection (1) and (2) apply so far as the income is applied to charitable purposes only.