Income Tax Act 2007 (c. 3)

SCHEDULES

SCHEDULE 1 U.K. Minor and consequential amendments

Part 2 U.K. Other enactments

Finance Act 2005 (c. 7) U.K.

595 (1) Amend section 27 (tax liability of trustees of property held on trust for vulnerable persons) as follows. U.K.

(2) In subsection (2)—

(a) in paragraph (b) for the words from “any expenses” to the end substitute “ allowable expenses ”, and

(b) for “management” substitute “ allowable ”.

(3) After that subsection insert—

“(2A) References in subsection (2) to allowable expenses are to expenses which can be set against the total income in accordance with Chapter 4 of Part 9 of ITA 2007.”