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 M1.

Annotations

Marginal citations

M1: Section 506 was amended by section 55(2) of the Finance Act 2006 (c. 25) and paragraph 95 of Schedule 1 to the Income Tax Act 2007 (c. 3).