Finance Act, 1955
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Amendment as to exemption from income tax of profits of trades carried on by charities. |
3.—Subsection (1) of section 30 of the Finance Act, 1921 , is hereby amended by the substitution of the following paragraph for paragraph (c): | |
“(c) from income tax under Schedule D in respect of the profits of a trade carried on by any charity, if the profits are applied solely to the purposes of the charity and either— | ||
(i) the trade is exercised in the course of the actual carrying out of a primary purpose of the charity, or | ||
(ii) the work in connection with the trade is mainly carried on by beneficiaries of the charity.” |