Income Tax (Trading and Other Income) Act 2005

457 Trustees U.K.

(1) This section applies if profits are taken to arise on a disposal of a deeply discounted security by trustees.

(2) For the purposes of Chapter 5 of Part 5 (settlements: amounts treated as income of settlor), the profits are to be taken to be income arising under the settlement from the security.

F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3 (5) If the trustees are trustees of a scheme in relation to which section 504 of ITA 2007 applies, subsection (2) does not apply to profits which are shown in the scheme's accounts as income available for payment to unit holders or for investment.]

Textual Amendments

F1 S. 457(3) repealed (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, 1034, Sch. 1 para. 526(2), Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

F2 S. 457(4) repealed (with effect in accordance with Sch. 13 para. 32(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 32(1)(a), Sch. 26 Pt. 3(15)

F3 S. 457(5) substituted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 526(3) (with transitional provisions and savings in Sch. 2)