Income Tax Act 2007

812Case where limit not to apply
This section has no associated Explanatory Notes

(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.