# Income Tax Act 2007, Section 735AA: Settlements to which following sections apply


(1) Sections 735AB to 735C apply if—
(a) a relevant transfer occurred before 6 April 2025,
(b) the person abroad was—
(i) the trustees of a settlement, or
(ii) a company in which the trustees of a settlement were participators or indirect participators, and
(c) protected foreign-source income or transitionally protected income arose in relation to the transfer.
(2) In sections 735AB to 735C—
“the relevant transfer” means the transfer referred to in subsection (1)(a);
“the settlement” means the settlement referred to in subsection (1)(b)(i) or (ii) (as the case may be);
“the settlor” means the settlor of that settlement.
(3) For the purposes of subsection (1)(b)(ii), the trustees of a settlement are “indirect participators” in a company if they are participators in the first in a chain of two or more companies where the last company in the chain is the person abroad and where each company in the chain (except the last) is a participator in the next company in the chain.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/735AA (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-735AA
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.