Section 643ZB Protected foreign-source income and transitional trust income not to be taxed elsewhere in ChapterF1

The rules in sections 624(1) and 629(1) do not apply to protected foreign-source income or transitional trust income (which, by virtue of section 648(3) to (5), may be treated as income arising under the settlement in the tax year 2025-26 or a subsequent tax year).

In the following provisions, “income” does not include protected foreign-source income or transitional trust income—

• section 635(2) and (3)(d)(i);

• section 636(1), (2) (in the words before paragraph (a)), (4) and (6);

• section 637(5) and (7A).