Discretionary payments by trustees: other provisions4
1
In section 824(3) of the Income and Corporation Taxes Act 19888 (repayment supplements: individuals and others)—
a
after paragraph (ab) insert—
ac
if the repayment is a repayment as a result of a claim under section 496B of ITA 20079 (relief for payments by discretionary trust taxable as employment income), the relevant time is the 31 January next following the end of the tax year to which the claim relates;
b
in paragraph (a)(ii), insert at the end “(other than a repayment within paragraph (ac))”.
2
In Part 2 of Schedule 54 to the Finance Act 200910 (repayment interest: special provision as to repayment interest start date), after paragraph 9 insert—
Tax on payments out of discretionary trust taxable as employment income9A
In the case of a repayment made in consequence of a claim under section 496B of ITA 200711 (relief for payments by discretionary trust taxable as employment income) the repayment interest start date is 31 January next following the end of the tax year to which the claim relates.
3
The amendments made by this article have effect for the tax year 2010-11 and subsequent tax years.