{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-467",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-467.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/467",
  "kind": "section",
  "number": "467",
  "heading": "Person liable: UK resident trustees",
  "text": "(1) Trustees are liable for tax under this Chapter if immediately before the chargeable event in question occurs they are UK resident and condition A, B, C or D is met.\n(1A) If trustees are liable for tax under this Chapter, the gain is treated for income tax purposes as income of the trustees.\n(2) Condition A is that the rights under the policy or contract are held by the trustees on charitable trusts.\n(3) Condition B is that—\n(a) those rights are held by the trustees on non-charitable trusts, and\n(b) one or more of the absent settlor conditions is met.\n(4) The absent settlor conditions are that the person who created the trusts—\n(a) is non-UK resident,\n(aa) is UK resident but the gain arises in the overseas part of a tax year that is, as respects the person who created the trusts, a split year,\n(b) has died, or\n(c) in the case of a company or foreign institution (see section 468(5)), has been dissolved or wound up or has otherwise come to an end.\n(5) Condition C is that—\n(a) the rights under the policy or contract are held by the trustees on non-charitable trusts,\n(b) condition B does not apply, and\n(c) neither section 465 nor section 466 applies.\n(6) Condition D is that the rights under the policy or contract are held as security for a debt owed by the trustees.\n(7) If trustees are liable for tax under this Chapter, it is charged at the savings basic rate if—\n(a) condition A is met, or\n(b) condition D is met and the trustees are trustees of a charitable trust.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 467(1A) inserted (with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 531(2) (with transitional provisions and savings in Sch. 2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 467(4)(aa) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 85"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 467(5)(c) substituted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by Finance Act 2008 (c. 9), Sch. 14 para. 11"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "S. 467(7) substituted (with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 531(3) (with transitional provisions and savings in Sch. 2)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in s. 467(7) substituted (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 43"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/467",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "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."
}