# Finance Act 1974, Paragraph 8


In section 17 of the Finance Act 1973 (payments under discretionary trusts), in subsection (3) (amounts to be set against tax assessable on trustees in connection with such payments), at the end of paragraph (d) there shall be inserted the words—
“and
(e) the amount of any tax on income arising to the trustees by virtue of section 38(2) of the Finance Act 1974 (development gains) and charged at a rate equal to the sum of the basic rate and the additional rate in pursuance of section 43(1) of that Act;”

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Source: https://www.legislation.gov.uk/ukpga/1974/30/schedule/7/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-act-1974/schedule-7/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.