Section 645 | Charitable trusts etc

(1)A person is—

(a)an excluded transferor in relation to a transfer of securities by the person, and

(b)an excluded transferee in relation to a transfer of securities to the person,

if condition A or B is met.

(2)Condition A is that if the person—

(a)became entitled to any interest on the securities, and

(b)applied it for charitable purposes only,

exemption could be granted in respect of the interest under section 532 (exemption for certain savings and investment income that belongs to a charitable trust and is applicable and applied to charitable purposes only).

(3)Condition B is that if the person—

(a)became entitled to any interest on the securities, and

(b)applied it for the purposes mentioned in section 533 (exemption for public revenue dividends that are applied only for the repair of college or church buildings etc),

exemption could be granted in respect of the interest under that section.

(4)For the transfer treated as occurring where charitable trusts over securities cease, see section 652 (securities ceasing to be held on charitable trusts).