SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Income Tax (Trading and Other Income) Act 2005 (c. 5)

553

In section 624 (income where settlor retains an interest in the settlement) after subsection (1) insert—

“(1A)

If the settlement is a trust, expenses of the trustees are not to be used to reduce the income of the settlor.”