Section 26 Amount of relief

The trustees' liability to income tax for the tax year is to be reduced by an amount equal to—

where—

TQTI is an amount determined in accordance with section 27 (income tax liability of trustees in respect of qualifying trusts income), and

VQTI is an amount determined in accordance with section 28 (extra F2 income tax to which vulnerable person would be liable if qualifying trusts income were income of his).

F3The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.