Finance (No. 3) Act 2010

7 Settlor to return excess repayment to trustees etc

(1) Section 646 of ITTOIA 2005 (adjustments between settlor and trustees etc) is amended as follows.

(2) For subsection (4) substitute—

“(4) Subsection (5) applies if a settlor chargeable to tax under section 624 or 629 obtains a repayment by reason of the payment of the tax by—

(a) any trustee, or

(b) any other person to whom the income is payable by virtue of or as a result of the settlement.”

(3) In subsection (5), for “excess” substitute “repayment”.

(4) After subsection (6) insert—

“(6A) For the purpose of subsection (5), the settlor may require an officer of Revenue and Customs to provide the settlor with a certificate specifying—

(a) that the settlor has obtained a repayment as mentioned in subsection (4), and

(b) the amount of the repayment.

(6B) A certificate provided under subsection (6A) is conclusive evidence of the facts stated in it.”

(5) In subsection (7), for “Any” substitute “Subject to subsections (6A) and (6B), any”.

(6) The amendments made by this section have effect in relation to repayments of tax for the tax year 2010-11 or any subsequent tax year.