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272(1)Amend section 660C (nature of charge on settlor) as follows.
(2)Omit subsections (1) to (2).
(3)In subsection (3)—
(a)for “this Chapter” substitute “section 624 or 629 of ITTOIA 2005 (income where settlor retains an interest or income paid to unmarried minor children of settlor)”, and
(b)for “this section” substitute “section 619 of that Act (charge to tax under Chapter 5 of Part 5 of that Act) so far as relating to income so treated”.
(4)After subsection (3) insert—
“(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.”