Regulation 101 | Special provisions applying to charitable companies and charitable trusts

(1)This regulation applies if—

(a)a charitable company is a participant in a reporting fund, or

(b)the trustees of a charitable trust are participants in a reporting fund.

(2)No liability to tax arises in respect of any amount which, under regulation 94(1), is treated as distributed to a charitable company or the trustees of a charitable trust.

(3)Paragraph (2) of regulation 99 (read with paragraphs (3) and (4) of that regulation) does not apply to the disposal of an interest in a reporting fund by a charitable company or the trustees of a charitable trust.

(4)In this regulation “charity” and “charitable company” have the same meaning as in section 506 of ICTA .