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Trust Drafting and Precedents

Geoffrey Shindler OBE and Julie Bell
Bloomsbury Professional
Publication Date:
June 2022
D: SPECIALISED TRUSTS D7: Charitable Trusts Inheritance tax Capital gains tax Income tax Subject to certain conditions relating to a charity's activities, particularly any trading activities, the income of charities is generally exempt from income tax provided that the income from each source is used solely for charitable purposes. Simple donations and legacies are not in principle ‘income’ for tax purposes and are not subject to income tax although these are usually included within a charity's statement of financial activities. However, certain gifts are treated as income for tax purposes such as Gift Aid payments and payments between charities and/or if the charity fails to satisfy some of the conditions for exemption, such as the charitable expenditure rules. ...

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