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There are currently no known outstanding effects for the Income Tax Act 2007, Section 473.
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(1)This section applies if—
(a)a disposition of property following the death of a person (“D”) is varied, and
(b)section 62(6) of TCGA 1992 applies in relation to the variation.
(2)If—
(a)property would have become comprised in a settlement within subsection (3), but
(b)as a result of the variation, the property, or property derived from it, becomes comprised in another settlement,
D is treated for the purposes of the Income Tax Acts (except where the context otherwise requires) as having made the other settlement.
(3)A settlement is within this subsection if—
(a)it arose on D's death (whether by D's will or on D's intestacy or in any other way), or
(b)it was in existence immediately before D's death (whether or not D was a settlor in relation to it).
(4)If—
(a)immediately before the variation property is comprised in a settlement and is property of which D is a settlor, and
(b)immediately after the variation the property, or property derived from it, becomes comprised in another settlement,
D is treated for the purposes of the Income Tax Acts (except where the context otherwise requires) as having made the other settlement.
(5)A settlement treated as made by D as a result of this section is treated for the purposes of the Income Tax Acts as made by D immediately before D's death.
(6)But subsection (5) does not apply in relation to a settlement which arose on D's death.
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