Point in time view as at 24/02/2022.
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 8.
8(1)This paragraph applies where—U.K.
(a)the terms of a settlement, as they affect any property comprised in the settlement, are such that any income arising from the property would be treated by virtue of [F1 section 624 of ITTOIA 2005] (income arising under settlement where settlor retains an interest) as income of a person (“the chargeable person”) who is for the purposes of [F2Chapter 5 of Part 5] of that Act the settlor,
(b)any such income would be so treated even if [F3section 625(1) of ITTOIA 2005 (settlor's retained interest)] did not include any reference to the spouse [F4or civil partner] of the settlor, and
(c)that property includes any property as respects which the condition in sub-paragraph (2) is met (“the relevant property”).
(2)The condition mentioned in sub-paragraph (1)(c) is that the property is intangible property which is or represents property which the chargeable person settled, or added to the settlement, after 17th March 1986.
(3)Where this paragraph applies in respect of the whole or part of a year of assessment, an amount equal to the chargeable amount determined under paragraph 9 is to be treated as income of the chargeable person chargeable to income tax.
[F5(4)For the purpose of deciding whether the condition in sub-paragraph (1)(a) is met, ignore section 628A of ITTOIA 2005 (which provides for section 624 of that Act not to apply to certain foreign income arising under a settlement).]
Textual Amendments
F1Words in Sch. 15 para. 8(1)(a) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(3)(a)(i) (with Sch. 2)
F2Words in Sch. 15 para. 8(1)(a) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(3)(a)(ii) (with Sch. 2)
F3Words in Sch. 15 para. 8(1)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(3)(b) (with Sch. 2)
F4Words in Sch. 15 para. 8(1)(b) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 179(a)
F5Sch. 15 para. 8(4) inserted (with effect in accordance with Sch. 8 para. 39 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 8 para. 19
Mae’r holl gynnwys ar gael dan Drwydded Llywodraeth Agored v3.0 ac eithrio ble nodir yn wahanol. Yn ychwanegol mae’r safle hwn â chynnwys sy’n deillio o EUR-Lex, a ailddefnyddiwyd dan delerau Penderfyniad y Comisiwn 2011/833/EU ar ailddefnyddio dogfennau o sefydliadau’r UE. Am ragor o wybodaeth gweler ddatganiad cyhoeddus Swyddfa Gyhoeddiadau’r UE ar ailddefnyddio.
