Commentary

B5.833 Charity exemption for transactions in deposits

Business tax
Business tax | Commentary

B5.833 Charity exemption for transactions in deposits

Business tax | Commentary

B5.833 Charity exemption for transactions in deposits

Profits or gains arising to a charitable trust from the disposal of exempt deposit rights are not taken into account in calculating total income in so far as the profits or gains are applied for charitable purposes only1.

For the purposes of this exemption, the exercise of an exempt disposal right is a disposal of it, except so far as the right to receive interest.

Exempt disposal rights means:

  1.  

    •     a right to receive with or without interest, a principal amount stated in, or determined in accordance with, the current terms of issue of an

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