Income Tax Act, 1967.

PART XXI

Charitable and Other Exemptions

Rents of property belonging to hospitals and other charities.

333.—(1) Exemption shall be granted—

(a) from income tax chargeable under Schedule A or, by virtue of Chapter VI of Part IV, under Schedule D, in respect of the rents and profits of any property belonging to any hospital, public school or almshouse, or vested in trustees for charitable purposes, so far as the same are applied to charitable purposes only:

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;

(b) from income tax chargeable under Schedule C in respect of any interest, annuities, dividends or shares of annuities, and from income tax chargeable under Schedule D, in respect of any yearly interest or other annual payment forming part of the income of any body of persons or trust established for charitable purposes only, or which, according to the rules or regulations established by statute, charter, decree, deed of trust, or will, are applicable to charitable purposes only, and so far as the same are applied to charitable purposes only;

(c) from income tax chargeable under Schedule C in respect of any interest, annuities, dividends or shares of annuities, in the names of trustees applicable solely towards the repairs of any cathedral, college, church or chapel, or any building used solely for the purposes of divine worship, and so far as the same are applied to those purposes.

(2) (a) This subsection applies to every gift (within the meaning of the Charities Act, 1961 ) made before the 1st day of July, 1961, which, if it had been made on or after that day would, by virtue of section 50 of that Act (which relates to gifts for graves and memorials) have been, to the extent provided in that section, a gift for charitable purposes.

(b) Subsection (1) shall have effect in relation to a gift to which this subsection applies as if the gift had been made on or after the 1st day of July, 1961.