326(1)Amend section 256 (charities) as follows.
(2)In subsection (1) for the words “subsection (2) below” substitute “the following provisions of this section”.
(3)After subsection (2) insert—
“(3)Subsection (4) below applies if a charitable trust has a non-exempt amount under section 540 of ITA 2007 for a year of assessment.
(4)Gains accruing to the charitable trust in the year of assessment are treated as being, and always having been, chargeable gains so far as they are attributed under section 256A to the non-exempt amount.
(5)For restrictions on exemptions under Part 10 of ITA 2007 (special rules about charitable trusts etc) see section 539 of that Act.”