Part 9Special rules about settlements and trustees
Chapter 3Special rates for trustees' income
479Trustees' accumulated or discretionary income to be charged at special rates
1
This section applies if—
a
accumulated or discretionary income arises to the trustees of a settlement, and
b
the income does not arise under a trust established for charitable purposes only.
2
Income tax is charged on the income at the rates referred to in this section instead of at the rates which would otherwise apply (for which see Chapter 2 of Part 2 (rates at which income tax is charged)).
3
Income tax is charged on the income at the dividend trust rate so far as the income is dividend income.
4
Otherwise, income tax is charged on the income at the trust rate.
5
Section 488 disapplies this section in cases relating to approved share incentive plans.