Version Superseded: 06/04/2005
Point in time view as at 11/05/2001. This version of this provision has been superseded.
Income and Corporation Taxes Act 1988, Section 692 is up to date with all changes known to be in force on or before 12 March 2025. 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.
(1)M1This section applies to income arising from settled property in respect of which a Schedule 4 direction has effect if the income—
(a)is treated by virtue of this Part as income of the settlor, and
(b)is applied in reimbursing the settlor for expenditure incurred by him for a purpose within paragraph 3(1)(a)(i) of Schedule 4,
and if that expenditure is (or would apart from the reimbursement be) deductible in computing [F1either the profits of a trade carried on by the settlor or the profits of a Schedule A business so carried on].
(2)Income to which this section applies shall not be treated as reducing the expenditure deductible in computing the profits referred to in subsection (1) above, and shall not be regarded as income of the settlor otherwise than by virtue of this Part.
Textual Amendments
F1Words in s. 692(1) substituted (with effect in accordance with s. 39(4)(5) of the amending Act) by Finance Act 1995 (c. 4), Sch. 6 para. 26
Marginal Citations
M1Source-1982 s.61; ITA Sch.8 21
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