496Income tax charged on trusteesU.K.
This section has no associated Explanatory Notes
(1)Income tax is charged for a tax year if—
(a)in the tax year the trustees of a settlement make payments as a result of which income tax is treated as having been paid under section 494, and
(b)amount A is greater than amount B.
(2)Amount A is the total amount of the income tax treated under section 494 as having been paid.
(3)Amount B is the amount of the trustees' tax pool available for the tax year (see section 497).
(4)The amount of the tax charged under this section is equal to the difference between amounts A and B.
(5)The trustees are liable for the tax.