2401.This is the first of the rules under which income is treated as the settlor’s. Where the settlor retains an interest in settled property the income arising under the settlement is treated as the settlor’s. The section is based on section 660A of ICTA.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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