Part 10Special rules about charitable trusts etc
Restrictions on exemptions
542How income is attributed to the non-exempt amount
1
This section is about the ways in which attributable income can be attributed to a non-exempt amount under section 541.
2
The trustees of the charitable trust may specify the attributable income that is to be attributed to the non-exempt amount.
3
A specification under subsection (2) is made by notice to an officer of Revenue and Customs.
4
Subsection (6) applies if—
a
an officer of Revenue and Customs requires the trustees of a charitable trust to make a specification under this section, and
b
the trustees have not given notice under subsection (3) of the specification before the end of the required period.
5
The required period is 30 days beginning with the day on which the officer made the requirement.
6
An officer of Revenue and Customs may determine the attributable income that is to be attributed to the non-exempt amount.