{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-535",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-535.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/535",
  "kind": "section",
  "number": "535",
  "heading": "Exemption for offshore income gains",
  "text": "(1) Offshore income gains accruing to a charitable trust are not taken into account in calculating total income.\n(2) Subsection (1) applies if the gain is applicable and applied to charitable purposes only.\n(3) In this section “offshore income gain” has the same meaning as in Chapter 5 of Part 2 of the Offshore (Tax) Funds Regulations 2009 (S.I. 2009/3001).\n(4) See regulation 31(3) to (5) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), which—\n(a) applies where property held on charitable trusts ceases to be subject to charitable trusts, and\n(b) provides for any gain accruing under that subsection to be treated as an offshore income gain not accruing to a charity.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 535(3) substituted (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 129(4)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 535(4) substituted (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 129(4)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/section/535",
    "retrieved_at": "2026-10-29T09:13:03.599581+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}