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Part 2U.K.Income tax, corporation tax and capital gains tax

Chapter 4U.K.Trusts with vulnerable beneficiary

Miscellaneous and supplementaryU.K.

43Penalties under TMA 1970U.K.

(1)Section 98 of TMA 1970 (special returns, etc) is amended as follows.

(2)In the first column of the table insert at the appropriate place— “ section 40(1) of the Finance Act 2005 ”.

(3)In the second column of the table insert at the appropriate place— “ section 37(3) of the Finance Act 2005; ”, and “ section 37(6) of the Finance Act 2005; ”.

(4)For the purposes of that section, any information, statements or declarations given or made jointly by [F1the trustees of a settlement] and a vulnerable person are to be treated as given or made by the trustees.

Textual Amendments

F1Words in s. 43(4) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 13 para. 35(6)(7)