660C Nature of charge on settlor.U.K.
(1)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F2(1A)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(2)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)Subject to section 833(3), income which is treated by virtue of [F3section 624 or 629 of ITTOIA 2005 (income where settlor retains an interest or income paid to unmarried minor children of settlor)] as income of a settlor shall be deemed for the purposes of [F4section 619 of that Act (charge to tax under Chapter 5 of Part 5 of that Act) so far as relating to income so treated] to be the highest part of his income.
[F5(4)Income which is treated for income tax purposes as the income of the settlor alone by virtue of section 624 or 629 of ITTOIA 2005 is accordingly not the income of any company for corporation tax purposes.]
Textual Amendments
F1S. 660C(1)-(2) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 272(2), Sch. 3 (with Sch. 2)
F2S. 660C(1A) inserted (with effect in accordance with Sch. 4 para. 14(4) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 14(3)
F3Words in s. 660C(3) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 272(3)(a) (with Sch. 2)
F4Words in s. 660C(3) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 272(3)(b) (with Sch. 2)
F5S. 660C(4) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 272(4) (with Sch. 2)