812Case where limit not to applyU.K.
(1)Section 811 does not apply to income tax to which non-UK resident trustees are liable for a tax year, if there is a beneficiary of the trust who is—
(a)an individual who is ordinarily UK resident, or
(b)a UK resident company.
(2)For the purposes of subsection (1) a person is a beneficiary of the trust if—
(a)the person is an actual or potential beneficiary of the trust, and
(b)condition A or B is met in relation to the person.
(3)Condition A is that the person is, or will or may become, entitled under the trust to receive some or all of any income under the trust.
(4)Condition B is that some or all of any income under the trust may be paid to or used for the benefit of the person in the exercise of a discretion conferred by the trust.
(5)The references in subsections (3) and (4) to any income under the trust include a reference to any capital under the trust so far as it represents amounts originally received by the trustees as income.