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Income Tax Act 2007

Section 539: Restrictions on exemptions

1628.This section restricts exemptions where income of a charitable trust is attributed to non-charitable expenditure. It is based on section 505(4) of ICTA.

1629.A number of the exemptions have been extended to treat adjustment income and post-cessation receipts as exempt. As a result the restrictions apply to the extended exemptions. See Change 92 in Annex 1 and the commentary on section 524.

1630.A statutory exemption has been introduced for profits of fund-raising events. The restrictions apply to this exemption. See Change 95 in Annex 1 and the commentary on section 529.

1631.A statutory exemption has also been introduced for income from estates in administration. The restrictions apply to this exemption. See Change 97 in Annex 1 and the commentary on section 537.

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