Is Income Tax payable on money an individual receives from a charitable trust?
E.g. if a trust makes grants to an individual studying for an undergraduate/postgraduate degree, does the individual need to pay tax on this income?
I know a number of people in this situation, and can't quite find the answer in my ATT textbooks!
Many thanks
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Grants from charitable trusts
Depends on the conditions of the grant.
Presumably if there are no strings attached to the grant like the recipient having to perform services to the Charitable Trust or a third party, then it will be tax free.