(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 [F1Chapter 5 of Part 2 of the Offshore (Tax) Funds Regulations 2009 (S.I. 2009/3001)].
(4)See [F2regulation 31(3) to (5) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)], 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.
Textual Amendments
F1Words in s. 535(3) substituted (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 129(4)(a)
F2Words in s. 535(4) substituted (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 129(4)(b)