# Finance Act 1974, Paragraph 10


Where a development gain accrues in respect of a disposal of assets made by a person holding them as trustee for a person who would be absolutely entitled as against the trustee but for being an infant, the income which by virtue of section 38(2) of this Act is treated as arising by reference to that gain shall for the purposes of Chapter II of Part XVI of the Taxes Act (settlements on children) be deemed to be paid to the infant.
In this paragraph “infant”, in relation to Scotland, means a pupil or minor.

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Source: https://www.legislation.gov.uk/ukpga/1974/30/schedule/7/paragraph/10 (the official version)
Page: https://openlegislation.uk/finance-act-1974/schedule-7/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.