Part 5Miscellaneous income
Chapter 5Settlements: amounts treated as income of settlor F4or family
Annotations:
Amendments (Textual)
Income treated as income of settlor: F1relevant children
Annotations:
Amendments (Textual)
F1
Word in cross-heading substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 192(5)
632Offshore income gains
1
This section applies if—
a
an offshore income gain accrues in respect of a disposal by a trustee of assets held by the trustee for a minor, and
b
the minor would be absolutely entitled as against the trustee but for being a minor.
2
The income which, under F3regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (charge to tax), is treated as arising by reference to that gain is treated for the purposes of sections 629 and 631 as paid to the minor.
3
In this section “offshore income gain” has the same meaning as in F2Chapter 5 of Part 2 of those Regulations.
Words in Pt. 5 Ch. 5 heading inserted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 3(2)