Part 10Special rules about charitable trusts etc
Restrictions on exemptions
541Attributing income to the non-exempt amount
1
This section applies if a charitable trust has a non-exempt amount for a tax year.
2
Attributable income of the charitable trust for the tax year may be attributed to the non-exempt amount but only so far as the non-exempt amount has not been used up.
3
The non-exempt amount can be used up (in whole or in part) by—
a
attributable income being attributed to it under this section, or
b
attributable gains being attributed to it under section 256A of TCGA 1992.
4
The whole of the non-exempt amount must be used up by—
a
attributable income being attributed to the whole of it under this section,
b
attributable gains being attributed to the whole of it under section 256A of TCGA 1992, or
c
a combination of attributable income being attributed to some of it under this section and attributable gains being attributed to the rest of it under section 256A of TCGA 1992.
5
See section 542 for the way in which income is to be attributed to the non-exempt amount under this section.