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Income and Corporation Taxes Act 1988

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691 Certain income not to be income of settlor etc.U.K.

(1)M1This section applies to any settlement in relation to which a Schedule 4 direction has effect.

(2)M2The trustees of the settlement may elect that this subsection shall have effect in relation to any year of assessment, and if they do so—

(a)any income arising in that year from the property comprised in the settlement which, apart from this subsection, would be treated by virtue of this Part as income of the settlor shall not be so treated; and

(b)no sum applied in that year out of the property for the purposes mentioned in paragraph 3(1)(a)(i) of Schedule 4 (maintenance etc. of qualifying property) shall be treated for any purposes of the Income Tax Acts as the income of any person—

(i)by virtue of any interest of that person in, or his occupation of, the qualifying property in question; or

(ii)by virtue of [F1section 633 of ITTOIA 2005 (capital sums paid to settlor by trustees of settlement)].

(3)M3Where income arising from the property comprised in the settlement in a year of assessment for which no election is made under subsection (2) above is treated by virtue of this Part as income of the settlor, paragraph (b) of that subsection shall have effect in relation to any sums in excess of that income which are applied in that year as mentioned in that paragraph.

(4)Any election under subsection (2) above shall be by notice to the Board in such form as the Board may require and shall be made [F2on or before the first anniversary of the 31st January next following] the year of assessment to which it relates.

(5)M4Where—

(a)for part of a year of assessment a Schedule 4 direction has effect and circumstances obtain by virtue of which income arising from property comprised in the settlement is treated as income of a settlor under this Part; and

(b)for the remainder of that year either no such direction has effect, or no such circumstances obtain, or both,

subsections (1) to (4) above shall apply as if each of those parts were a separate year of assessment and separate elections may be made accordingly.

Textual Amendments

F1Words in s. 691(2)(b)(ii) 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. 281 (with Sch. 2)

F2Words in s. 691(4) substituted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 19

Marginal Citations

M1Source-1977 s.38(1); 1982 Sch.10 1; ITA Sch.8 8

M2Source-1977 s.38(2); 1980 s.88(7); 1987 Sch.15 10

M3Source-1977 s.38(3), (4)

M4Source-1977 s.38(5); 1982 Sch.10 1(3); ITA Sch.8 8

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