Section CZ 19 — Income Tax Act 2007: Community trust receipts in 2004–05 or 2005–06 tax year

CZ 19 Community trust receipts in 2004–05 or 2005–06 tax year An amount of income derived by a trustee or company is exempt income if— (a) the amount would be exempt income under section CW 41 (Charities: non-business income) or CW 42 (Charities: business income) but for the trustee or company making a dividend, distribution, or settlement to a community trust in the 2004–05 or 2005–06 tax year on the winding up of the trust or company; and (b) either— (i) the corpus of the trust was provided by the community trust; or (ii) the company is wholly owned by the community trust. Defined in this Act: amount , community trust , company , corpus , dividend , exempt income , income , tax year , trustee , Compare: 2004 No 35 s CZ 19