539Restrictions on exemptionsU.K.
This section has no associated Explanatory Notes
(1)This section applies if a charitable trust has a non-exempt amount for a tax year (see section 540).
(2)The exemptions under this Part do not apply, and are treated as never having applied, to so much of any income of the charitable trust for the tax year as is attributed under section 541 to the non-exempt amount.
(3)Section 256(4) of TCGA 1992 contains corresponding restrictions which apply in relation to section 256(1) of that Act (gains accruing to charities not to be chargeable gains).