PART 1Income tax, corporation tax and capital gains tax
CHAPTER 2Income tax: general
Anti-avoidance
12Settlements: income originating from settlors other than individuals
1
ITTOIA 2005 is amended as follows.
2
In section 627 (income where settlor retains an interest: exceptions), at the end insert—
4
The rule in section 624(1) does not apply in relation to income which—
a
arises under a settlement, and
b
originates from any settlor who was not an individual.
3
In section 645 (property or income originating from settlor), in subsection (2), for “section 644” substitute “
sections 627 and 644
”
.
4
The amendments made by this section have effect in relation to income arising on or after 21 March 2012.