Skip to content
Solved
SearchBrowse
Sign in

Contents

Legislation
Income Tax Act 2007

Crossheading Excluded transferors and transferees

  • Section 638 Excluded persons: disregard of certain payments and transfers
  • Section 639 Small holdings: individuals
  • Section 640 Small holdings: personal representatives
  • Section 641 Small holdings: trustees of a disabled person's trusts
  • Section 642 Traders
  • Section 643 Non-residents
  • Section 644 Individuals to whom the remittance basis applies
  • Section 645 Charitable trusts etc
  • Section 646 Pension scheme trustees
  • Section 647 Makers of manufactured payments
  1. Excluded transferors and transferees
  2. Charitable trusts etc

Section 645 | Charitable trusts etc

From legislation.gov.uk

(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).

PreviousNext
PrivacyTerms