SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Income Tax (Trading and Other Income) Act 2005 (c. 5)
531
1
Amend section 467 (liability of trustees for tax on gains from contracts for life insurance etc) as follows.
2
After subsection (1) insert—
1A
If trustees are liable for tax under this Chapter, the gain is treated for income tax purposes as income of the trustees.
3
For subsection (7) substitute—
7
If trustees are liable for tax under this Chapter, it is charged at the savings rate if—
a
condition A is met, or
b
condition D is met and the trustees are trustees of a charitable trust.