(1)Public revenue dividends on securities which are in the name of trustees are not taken into account in calculating total profits so far as the dividends are applicable and applied only for the repair of—
(a)a cathedral, college, church or chapel, or
(b)a building used only for the purposes of divine worship.
(2)In this section “public revenue dividends” means—
(a)income from securities which is payable out of the public revenue of the United Kingdom or Northern Ireland, or
(b)income from securities issued by or on behalf of a government or a public or local authority in a country outside the United Kingdom.
(3)The exemption under subsection (1) requires a claim.