- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/1993)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 27/07/1993
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Income and Corporation Taxes Act 1988, Section 684 is up to date with all changes known to be in force on or before 17 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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M1(1)Where, during the life of the settlor, income arising under a settlement made before 7th April 1965, but after 9th April 1946, is, under the settlement and in the events that occur, payable to or applicable for the benefit of any person other than the settlor, then, unless under the settlement and in those events, the income either—
(a)is payable to an individual for his own use; or
(b)is applicable for the benefit of an individual named in that behalf in the settlement or of two or more individuals so named; or
(c)is applicable for the benefit of a child or children of an individual named in that behalf in the settlement; or
(d)is income from property of which the settlor has divested himself absolutely by the settlement; or
(e)is income which, by virtue of some provision of the Income Tax Acts not contained in this Chapter, is to be treated for the purposes of those Acts as income of the settlor;
the income shall, for the purposes of excess liability, be treated as the income of the settlor and not as the income of any other person.
(2)In subsection (1) above “excess liability” means the excess of liability to income tax over what it would be if all income tax [F1not chargeable at the lower rate] were charged at the basic rate to the exclusion of any higher rate.
(3)The exceptions provided for by paragraphs (a), (b) and (c) of subsection (1) above shall not apply where the named individual or individuals or, in the case of paragraph (c), either the named individual or the child or any of the children in question, is in the service of the settlor or accustomed to act as the solicitor or agent of the settlor.
Textual Amendments
F1Words in s. 684(2) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 19(3)(7)
Marginal Citations
M1Source-1970 s.458(1); 1971 Sch.6 68; 1978 Sch.2 13
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