# Income Tax (Trading and Other Income) Act 2005, Section 467: Person liable: UK resident trustees

Extent: E+W+S+N.I.

(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.
(1A) If trustees are liable for tax under this Chapter, the gain is treated for income tax purposes as income of the trustees.
(2) Condition A is that the rights under the policy or contract are held by the trustees on charitable trusts.
(3) Condition B is that—
(a) those rights are held by the trustees on non-charitable trusts, and
(b) one or more of the absent settlor conditions is met.
(4) The absent settlor conditions are that the person who created the trusts—
(a) is non-UK resident,
(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,
(b) has died, or
(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.
(5) Condition C is that—
(a) the rights under the policy or contract are held by the trustees on non-charitable trusts,
(b) condition B does not apply, and
(c) neither section 465 nor section 466 applies.
(6) Condition D is that the rights under the policy or contract are held as security for a debt owed by the trustees.
(7) If trustees are liable for tax under this Chapter, it is charged at the savings basic rate if—
(a) condition A is met, or
(b) condition D is met and the trustees are trustees of a charitable trust.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/467 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-467
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.