# Finance Act 2006, Paragraph 35


(1) FA 2005 shall be amended as follows.
(2) In the following provisions for “trustees” substitute “ the trustees of a settlement ”
(a) section 23(1)(a) and (b) (vulnerable persons: introduction),
(b) section 24(1) (vulnerable persons: claims),
(c) section 25(1)(a) (qualifying trusts: income tax), and
(d) section 37(1) (vulnerable person election).
(3) In section 25(3)—
(a) for “section 660G(1) and (2) of ICTA” substitute “ section 620(1) of ITTOIA 2005 ”, and
(b) for “section 660A of that Act” substitute “ sections 624 and 625 of that Act. ”.
(4) In section 27(2)(b) (qualifying expenses) for “total income” substitute “ income ”.
(5) Section 42(5)(b) shall cease to have effect.
(6) In section 43(4) (penalties) for the first reference to “trustees” substitute “ the trustees of a settlement ”.
(7) This paragraph shall come into force on 6th April 2006.

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Source: https://www.legislation.gov.uk/ukpga/2006/25/schedule/13/paragraph/35 (the official version)
Page: https://openlegislation.uk/finance-act-2006/schedule-13/paragraph-35
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.