Part 15Deduction of income tax at source

Chapter 2Meaning of “relevant investment” for purposes of section 876

Supplementary

F1871Power to make regulations to give effect to Chapter

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872Power to make orders amending Chapter

(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)

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F4(5)

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873Discretionary or accumulation settlements

(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)

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F8(4)

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F8(5)

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F8(6)

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