Explanatory Notes

Income Tax Act 2007

2007 CHAPTER 3

20 March 2007

Commentary on Sections

Part 10: Special rules about charitable trusts etc

Overview

Section 548: Section 543(1)(i) and (j): investments and loans

1649.This section provides interpretative material about the making of investments or loans. It is based on section 506(5) of ICTA.

1650.The section makes it clear that it is only the expenditure in the tax year on making new investments and loans, or expenditure to fund net increases in such investments or loans, that is included in the calculation of non-charitable expenditure.