Part 2Income tax, corporation tax and capital gains tax
Chapter 4Trusts with vulnerable beneficiary
Income tax
25Qualifying trusts income: special income tax treatment
1
This section has effect in relation to a tax year if—
a
in the tax year income arises (or is treated as arising) to trustees from property held on qualifying trusts for the benefit of a vulnerable person (“qualifying trusts income”), and
b
a claim for special tax treatment under this Chapter for the tax year is made by the trustees.
2
Special income tax treatment applies for the tax year in accordance with sections 26 to 29.
3
But this section does not have effect in relation to the tax year if the property from which the qualifying trusts income arises (or is treated as arising) is property in which a person who is a settlor (within the meaning given by section 660G(1) and (2) of ICTA) is regarded as having an interest for the purposes of section 660A of that Act (income arising under settlement where settlor retains an interest).