Section 256A — Taxation of Chargeable Gains Act 1992: Attributing gains to the non-exempt amount : charitable trusts

Attributing gains to the non-exempt amount : charitable trusts 256A 1 This section applies if a charitable trust has a non-exempt amount under section 540 of ITA 2007 for a year of assessment.

2 Attributable gains of the charitable trust for the year of assessment 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 gains being attributed to it under this section, or b attributable income being attributed to it under section 541 of ITA 2007.

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

a attributable gains being attributed to the whole of it under this section, b attributable income being attributed to the whole of it under section 541 of ITA 2007, or c a combination of attributable gains being attributed to some of it under this section and attributable income being attributed to the rest of it under section 541 of ITA 2007.

5 See section 256B for the way in which gains are to be attributed to the non-exempt amount under this section.

6 In this section and section 256B a charitable trust's “attributable income”, and “attributable gains”, for a tax year have the same meaning as in Part 10 of ITA 2007 (see section 540 of that Act).