Income Tax Act, 1967.

Lands owned and occupied, and trades carried on, by charities.

334.—(1) Exemption shall be granted—

(a) from income tax chargeable under Schedule A in respect of property owned and occupied by a charity, not being such lands, tenements, or hereditaments as are mentioned in section 27;

(b) from income tax chargeable under Schedule B in respect of lands occupied by a charity:

Provided that the exemption under this paragraph shall not apply in the case of lands which are occupied for the purpose of husbandry unless the profits, if any arising therefrom are applied solely to the purposes of the charity;

(c) from income tax chargeable 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.

(2) The exemption granted by subsections (1) (a) and (1) (b) shall not extend to tax in respect of any rent payable or other annual payment to be made by a charity in respect of the lands, tenements, or hereditaments, or to any parts of those lands, tenements, or hereditaments, which are in the use and enjoyment of a person whose total annual income from all sources estimated in accordance with the provisions of this Act amounts to not less than £150.

(3) In this section “charity” means any body of persons or trust established for charitable purposes only.