{
  "url": "https://openlegislation.uk/finance-act-2005/section-26",
  "json_url": "https://openlegislation.uk/finance-act-2005/section-26.json",
  "legislation": "ukpga/2005/7",
  "legislation_title": "Finance Act 2005",
  "legislation_url": "https://openlegislation.uk/finance-act-2005",
  "path": "section/26",
  "kind": "section",
  "number": "26",
  "heading": "Amount of relief",
  "text": "(1) The trustees' liability to income tax for the tax year is to be reduced by an amount equal to—\nTQTI-VQTIwhere—\nTQTI is an amount determined in accordance with section 27 (income tax liability of trustees in respect of qualifying trusts income), and\nVQTI is an amount determined in accordance with section 28 (extra income tax to which vulnerable person would be liable if qualifying trusts income were income of his).\n(2) The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 26(1) renumbered (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 594 (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in s. 26(1) inserted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 13"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 26(2) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 594 (with Sch. 2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/7/section/26",
    "retrieved_at": "2026-10-28T17:07:32.579580+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}