HC 13 Charitable trusts

In the trust rules, a trust is a charitable trust in an income year if—

(a)

all income derived or accumulated by the trustee in that or in any earlier income year is held for charitable purposes; and

(b)

any income derived by the trustee in the income year is exempt income under either section CW 41(1) (Charities: non-business income) or CW 42(1) (Charities: business income).

Defined in this Act: charitable purpose, charitable trust, exempt income, income, income year, trust rules, trustee

Compare: 2004 No 35 s HH 1(5), (6)