Regulation 40 Trust, settlement or estate income

(1)

This Chapter applies to a person for a tax year for which the person is chargeable to income tax—

(a)

in respect of income of, or a payment from, settled property^f1 of which the person is a beneficiary;

(b)

under section 619(1) of ITTOIA 2005 (settlements: amount treated as income of settlor or family)^f2;

(c)

under section 649(1) of ITTOIA 2005 (charge to tax on estate income).

(2)

In paragraph (1)(a), “payment” includes a discretionary payment within the meaning of section 493(4) of ITA 2007 (discretionary payments by trustees).

Annotations

Footnotes

f1: The definition of “settled property” given in section 466(2) of ITA 2007 applies, for the purposes of the Income Tax Acts, by section 466(1) of ITA 2007.
f2: Section 619(1) was amended by paragraph 4 of Schedule 10 to the Finance Act 2018, paragraph 2 of Schedule 12 to the Finance Act 2025 (c. 8) and S.I. 2005/3229.