Section 541 — Income Tax Act 2007: Attributing income to the non-exempt amount

Attributing income to the non-exempt amount 541 1 This section applies if a charitable trust has a non-exempt amount for a tax year.

2 Attributable income of the charitable trust for the tax year may be attributed to the non-exempt amount but only so far as the non-exempt amount has not been used up.

3 The non-exempt amount can be used up (in whole or in part) by—

a attributable income being attributed to it under this section, or b attributable gains being attributed to it under section 256A of TCGA 1992.

4 The whole of the non-exempt amount must be used up by—

a attributable income being attributed to the whole of it under this section, b attributable gains being attributed to the whole of it under section 256A of TCGA 1992, or c a combination of attributable income being attributed to some of it under this section and attributable gains being attributed to the rest of it under section 256A of TCGA 1992.

5 See section 542 for the way in which income is to be attributed to the non-exempt amount under this section.