(1)This Chapter contains tax provision in connection with—
(a)income arising to [F1the trustees of a settlement] from property held on qualifying trusts for the benefit of a vulnerable person, and
(b)chargeable gains accruing to [F2the trustees of a settlement] from the disposal of such property.
(2)Section 24 contains provision as to the making of claims for special tax treatment under this Chapter.
(3)Sections 25 to 29 contain provision relating to income tax.
(4)Sections 30 to [F332] contain provision relating to capital gains tax.
(5)Sections 34 to 36 apply for the purpose of determining whether trusts on which property is held for the benefit of a vulnerable person are qualifying trusts.
(6)In this Chapter “vulnerable person election” means an election under section 37.
(7)In this Chapter “vulnerable person” means—
(a)a disabled person (see section 38), or
(b)a relevant minor (see section 39).
Textual Amendments
F1Words in s. 23(1)(a) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 13 para. 35(2)(a)(7)
F2Words in s. 23(1)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 13 para. 35(2)(a)(7)
F3Word in s. 23(4) substituted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 12
A claim for special tax treatment under this Chapter for a tax year may be made by [F4the trustees of a settlement] if—
(a)in the tax year they hold property on qualifying trusts for the benefit of a vulnerable person, and
(b)a vulnerable person election has effect for all or part of the tax year in relation to those trusts and that person.
Textual Amendments
F4Words in s. 24(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 13 para. 35(2)(b)(7)