535Exemption for offshore income gainsU.K.
This section has no associated Explanatory Notes
(1)Offshore income gains accruing to a charitable trust are not taken into account in calculating total income.
(2)Subsection (1) applies if the gain is applicable and applied to charitable purposes only.
(3)In this section “offshore income gain” has the same meaning as in Chapter 5 of Part 17 of ICTA (offshore funds) (see section 758 of, and Schedule 28 to, that Act).
(4)See section 761(6B) of ICTA, which—
(a)applies where property held on charitable trusts ceases to be subject to charitable trusts, and
(b)provides for any gain accruing under that subsection to be treated as an offshore income gain not accruing to a charity.