Commentary on Sections Overview 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.