Section HC 13 — Income Tax Act 2007: Charitable trusts

HC 13 Charitable trusts In the trust rules, a trust is a charitable trust in an income year if— (a) all income derived or accumulated by the trustee in that or in any earlier income year is held for charitable purposes; and (b) any income derived by the trustee in the income year is exempt income under either section CW 41(1) (Charities: non-business income) or CW 42(1) (Charities: business income). Defined in this Act: charitable purpose , charitable trust , exempt income , income , income year , trust rules , trustee , Compare: 2004 No 35 s HH 1(5), (6)