Income Tax Act 2007 section 533

Exemption for public revenue dividends

Section 533 provides an income tax exemption for public revenue dividends on securities held by trustees, where those dividends are used solely for the repair of certain places of worship.

• Public revenue dividends on securities held in the name of trustees are excluded from total income calculations, but only to the extent they are used for qualifying repair purposes.
• Qualifying buildings include cathedrals, colleges, churches, chapels, and any building used exclusively for divine worship.
• Public revenue dividends include income from securities payable out of the public revenue of the United Kingdom or Northern Ireland.
• The exemption also covers income from securities issued by or on behalf of a foreign government or any public or local authority outside the United Kingdom.