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Exemption of income of charities in Great Britain and Northern Ireland.
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3.—Exemption shall be granted—
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(a) from tax for the year beginning on the 6th day of April, 1924, under Schedule A of the Income Tax Act, 1918, in respect of the rents and profits of any lands, tenements, hereditaments, or heritages belonging to any hospital, public school, or almshouse in Great Britain or Northern Ireland, or vested in trustees in Great Britain or Northern Ireland for charitable purposes so far as the same are applied to charitable purposes only:
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Provided that any assessment upon the respective properties shall not be vacated or altered, but shall be in force and levied, notwithstanding the allowance of any such exemption;
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(b) from tax for the year beginning on the 6th day of April, 1924, under Schedule C of the Income Tax Act, 1918, in respect of any interest, annuities, dividends, or shares of annuities, and from tax for the same year under Schedule D of the said Act in respect of any yearly interest or other annual payment, forming part of the income of any body of persons or trust in Great Britain or Northern Ireland for charitable purposes only, or which, according to the rules or regulations established by Act of Parliament, charter, decree, deed of trust, or will in Great Britain or Northern Ireland are applicable to charitable purposes only, and so far as the same are applied to charitable purposes only;
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(c) from tax for the year beginning on the 6th day of April, 1924, under Schedule C of the Income Tax Act, 1918, in respect of any interest, annuities, dividends, or shares of annuities, in the names of trustees in Great Britain or Northern Ireland, and applicable solely towards the repairs of any cathedral, college, church, or chapel, or any building used solely for the purpose of divine worship, and so far as the same are applied to those purposes:
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Provided that this section shall only apply where the lands, tenements, hereditaments, or heritages aforesaid belonged to such hospital, public school, or almshouse, or were vested in such trustees, on the 5th day of April, 1923, or where the interest, annuities, dividends, shares of annuities, yearly interest, or other annual payments arise from investments or other property which were held by such body of persons, trust, or trustees, or were subject to such rules or regulations, on the 5th day of April, 1923.
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