812Case where limit not to applyU.K.
(1)Section 811 does not apply to income tax to which non-UK resident trustees are liable for a tax year, if there is a beneficiary of the trust who is—
(a)an individual who is F1... UK resident, or
(b)a UK resident company.
(2)For the purposes of subsection (1) a person is a beneficiary of the trust if—
(a)the person is an actual or potential beneficiary of the trust, and
(b)condition A or B is met in relation to the person.
(3)Condition A is that the person is, or will or may become, entitled under the trust to receive some or all of any income under the trust.
(4)Condition B is that some or all of any income under the trust may be paid to or used for the benefit of the person in the exercise of a discretion conferred by the trust.
(5)The references in subsections (3) and (4) to any income under the trust include a reference to any capital under the trust so far as it represents amounts originally received by the trustees as income.
Textual Amendments
F1Word in s. 812(1)(a) omitted (with effect in accordance with Sch. 46 para. 72 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 66