479Trustees' accumulated or discretionary income to be charged at special ratesU.K.
This section has no associated Explanatory Notes
(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.