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Income and Corporation Taxes Act 1988, Chapter ID is up to date with all changes known to be in force on or before 11 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Textual Amendments
F1Pt. 15 Ch. 1D (ss. 689A, 689B) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 1996 (c. 8), Sch. 6 para. 16
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2S. 689A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 147, Sch. 3 Pt. 1 (with Sch. 2)
(1)The expenses of [F3the trustees of a settlement] in any year of assessment, so far as they are properly chargeable to income (or would be so chargeable but for any express provisions of the trust), shall be treated—
(a)as set against so much (if any) of any income as is income falling within subsection (2) [F4, (2A)] or (3) below before being set against other income; and
(b)as set against so much (if any) of any income as is income falling within subsection (2) [F5or (2A)] below before being set against income falling within subsection (3) below; [F6 and
(c)as set against so much (if any) of any income as is income falling within subsection (2) below before being set against income falling within subsection (2A) below].
(2)Income falls within this subsection if it is—]
[F7(a)so much of the income of the trustees as is income chargeable under Chapter 3 of Part 4 of ITTOIA 2005 (dividends etc. from UK resident companies etc.);
(b)income treated as arising to the trustees under Chapter 5 of that Part (stock dividends from UK resident companies); or
(c)income chargeable under Chapter 6 of that Part (release of loan to participator in close company).]
[F8(2A)Income falls within this subsection if it is [F9—
(a)income chargeable under Chapter 4 of Part 4 of ITTOIA 2005 (dividends from non-UK resident companies); or
(b)a relevant foreign distribution chargeable under Chapter 8 of Part 5 of that Act (income not otherwise charged).]]
[F10(2B)In subsection (2A) “relevant foreign distribution” means any distribution of a company not resident in the United Kingdom which—
(a)is not chargeable under Chapter 4 of Part 4 of ITTOIA 2005, but
(b)would be chargeable under Chapter 3 of that Part if the company were resident in the United Kingdom.]
(3)Income falls within this subsection if it is income [F11of the trustees which is savings income (within the meaning of section 18 of ITA 2007).]
(4)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F13(5)This section applies for corporation tax purposes only.]
Textual Amendments
F3Words in s. 689B(1) substituted (6.4.2006) by Finance Act 2006 (c. 25), Sch. 13 paras. 20, 27(1)
F4Words in s. 689B(1)(a) inserted (with effect in accordance with Sch. 4 para. 16(6) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 16(2)(a)
F5Words in s. 689B(1)(b) inserted (with effect in accordance with Sch. 4 para. 16(6) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 16(2)(b)
F6S. 689B(1)(c) and preceding word added (with effect in accordance with Sch. 4 para. 16(6) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 16(2)(c)
F7S. 689B(2)(a)-(c) substituted for s. 689(2)(za)-(c) (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 280(2) (with Sch. 2)
F8S. 689B(2A) inserted (with effect in accordance with Sch. 4 para. 16(6) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 16(4)
F9S. 689B(2A)(a)(b) substituted for words in s. 689(2A) (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 280(3) (with Sch. 2)
F10S. 689B(2B) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 280(4) (with Sch. 2)
F11Words in s. 689B(3) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 148(2) (with Sch. 2)
F12S. 689B(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 148(3), Sch. 3 Pt. 1 (with Sch. 2)
F13S. 689B(5) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 148(4) (with Sch. 2)
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