632Offshore income gains
This section has no associated Explanatory Notes
(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 section 761(1) of ICTA (charge to income tax of offshore income gain), 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 Chapter 5 of Part 17 of ICTA (charge to tax of offshore income gains).