Paragraph 16

Section 643E (reimbursement of tax paid by settlor) is amended as follows.

In the heading, for “section 643A” substitute “643B(2)”.

In subsection (1), for “section 643A(3) or (4)” substitute “section 643B(2) (benefit received by close family member attributed to settlor)”.

In subsection (2), for paragraphs (a) and (b) substitute—

“(a)

the tax year in which income is treated under section 643A as arising to the settlor,

(b)

the amount of income treated as arising, and

(c)

the amount of tax paid,”.