Section 775 | Income towards reducing the national debt

(1)This section applies if property is held on trust in accordance with directions which are valid and effective under section 9 of the Superannuation and other Trust Funds (Validation) Act 1927 (c. 41) (validation of trust funds for the reduction of the national debt).

(2)No liability to income tax arises in respect of any of the following—

(a)income arising from the property,

(b)income arising from the accumulation of that income, and

(c)profits of any description otherwise accruing to the property and liable to be accumulated under the trust.