Section 632 Offshore income gains

United Kingdom

(1)

This section applies if—

(a)

an offshore income gain accrues in respect of a disposal by a trustee of assets held by the trustee for a minor, and

(b)

the minor would be absolutely entitled as against the trustee but for being a minor.

(2)

The income which, under F1regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (charge to tax), is treated as arising by reference to that gain is treated for the purposes of sections 629 and 631 as paid to the minor.

(3)

In this section “offshore income gain” has the same meaning as in F2Chapter 5 of Part 2 of those Regulations.

Annotations

Textual amendments

F1: Words in s. 632(2) substituted (1.12.2009) (with effect in accordance with art. 1(2)(3) of, Sch. 1 to the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 128(3)(a)
F2: Words in s. 632(3) substituted (1.12.2009) (with effect in accordance with art. 1(2)(3) of, Sch. 1 to the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 128(3)(b)

Notes on Chapter 5

Textual amendments

F1: Words in Pt. 5 Ch. 5 heading inserted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 3(2)

Notes on Income treated as income of settlor: relevant children

Textual amendments

F1: Word in cross-heading substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 192(5)