- Latest available (Revised)
- Point in Time (06/04/2006)
- Original (As enacted)
Point in time view as at 06/04/2006.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 625.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)A settlor is treated for the purposes of section 624 as having an interest in property if there are any circumstances in which the property or any related property—
(a)is payable to the settlor or the settlor's spouse [F1or civil partner] ,
(b)is applicable for the benefit of the settlor or the settlor's spouse [F1or civil partner] , or
(c)will, or may, become so payable or applicable.
(2)Subsection (1) does not apply if the only circumstances are one or more of—
(a)the bankruptcy of a person who is, or may become, beneficially entitled to the property or any related property,
(b)the assignment of the property or any related property by such a person,
(c)the charging of (or, in Scotland, the granting of a right in security over) the property or any related property by such a person,
[F2(d)in the case of a marriage settlement or civil partnership settlement, the death of both parties to the marriage or civil partnership and of all or any of the children of the family of the parties to the marriage or civil partnership, and]
(e)the death of a child of the settlor who had become beneficially entitled to the property or any related property at not more than 25 years old.
[F3(2A)In subsection (2) “child of the family”, in relation to parties to a marriage or civil partnership, means a child of one or both of them.]
(3)Subsection (1) does not apply if—
(a)there are no circumstances in which the property or any related property can become payable or applicable as mentioned in that subsection during the life of a person other than—
(i)the bankruptcy of the person, or
(ii)the assignment or charging of the person's interest in the property or any related property, and
(b)the person is alive and under 25 years old.
(4)In subsection (1) “the settlor's spouse [F4or civil partner]” does not include—
(a)a spouse [F4or civil partner] from whom the settlor is separated under an order of a court or a separation agreement,
(b)a spouse [F4or civil partner] from whom the settlor is separated where the separation is likely to be permanent,
(c)the widow or widower [F5or surviving civil partner] of the settlor, or
(d)a person to whom the settlor is not married but may later marry [F6 or a person of whom the settlor is not a civil partner but of whom the settlor may later be a civil partner] .
(5)In this section “ ”, in relation to any property, means income from that property or any other property directly or indirectly representing proceeds of, or of income from, that property or income from it.
Textual Amendments
F1Words in s. 625(1) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 188(2)
F2S. 625(2)(d) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 188(3)
F3S. 625(2A) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 188(4)
F4Words in s. 625(4) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 188(5)(a)
F5Words in s. 625(4)(c) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 188(5)(b)
F6Words in s. 625(4)(d) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 188(5)(c)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: