Paragraph 15
United Kingdom
(1)
In a case where—
(a)
paragraph 5 above would apply (apart from this paragraph) to a transferor redemption of a security,
(b)
immediately before the transfer or redemption was made the security washeld by a charity, and
(c)
the amount which would (apart from this paragraph) be treated as incomeby virtue of paragraph 5 above is applicable and applied for charitablepurposes,
that paragraph shall not apply to the transfer or redemption.
(2)
In this paragraph “charity” has the same meaning as in section 506 of the TaxesAct 1988.
Notes on Schedule 11
Textual amendments
- F1
Sch. 11 repealed (29.4.1996) by 1996 c. 8, ss. 104, 205, Sch. 14 para. 57, Sch. 41 Pt. V(3) (with savings in Pt. IV Ch. II (ss. 80-105))