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Income Tax Act 2007
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- UK Public General Acts
- 2007 c. 3
- Part 15
- Chapter 2
- Supplementary
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Changes over time for: Cross Heading: Supplementary
Alternative versions:
- 06/04/2007- Amendment
- 08/03/2012- Amendment
- 06/04/2014- Amendment
- 15/09/2016- Amendment
- 15/03/2018
Point in time
Status:
Point in time view as at 15/03/2018.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Supplementary.
Changes to Legislation
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.
SupplementaryU.K.
F1871Power to make regulations to give effect to ChapterU.K.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 871 omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 16
872Power to make orders amending ChapterU.K.
(1)The Treasury may by order amend this Chapter for the purposes of providing that investments of a kind specified in the order are, or are not, relevant investments.
(2)An order under this section [F2may amend this Chapter]—
(a)in [F3its application] to all deposit-takers, or
(b)in [F3its application] to such deposit-takers or classes of deposit-taker as the order may specify.
(3)An order under this section may contain incidental, supplemental, consequential and transitional provision and savings.
F4(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Words in s. 872(2) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 17(a)(i)
F3Words in s. 872(2)(a)(b) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 17(a)(ii)
F4S. 872(4)(5) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 17(b)
873Discretionary or accumulation settlementsU.K.
(1)A settlement is a discretionary or accumulation settlement for the purposes of this Chapter if any income arising to the trustees would (unless treated as income of the settlor) be to any extent income within subsection (2) for the tax year in which it arises.
(2)Income is within this subsection so far as it is—
(a)accumulated or discretionary income as defined in section 480 (other than income arising under a [F5charitable trust] or an unauthorised unit trust in relation to which [F6regulation 12 of the Unauthorised Unit Trusts (Tax) Regulations 2013] applies), or
(b)an amount of a type set out in section 482 (unless the trust is a unit trust scheme or the amount is income arising under a [F7charitable trust] or is excluded by section 481(5)).
F8(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5Words in s. 873(2)(a) substituted (8.3.2012) (with effect in accordance with art. 17 of the commencing S.I.) by Finance Act 2010 (c. 13), Sch. 6 paras. 23(5), 34(2); S.I. 2012/736, art. 17
F6Words in s. 873(2)(a) substituted (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 37(12) (with reg. 32)
F7Words in s. 873(2)(b) substituted (8.3.2012) (with effect in accordance with art. 17 of the commencing S.I.) by Finance Act 2010 (c. 13), Sch. 6 paras. 23(5), 34(2); S.I. 2012/736, art. 17
F8S. 873(3)-(6) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 18
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