Regulation 20 Application to gains of non-resident settlements
United Kingdom
If an offshore income gain arises to a settlement in a tax year and the trustees of the settlement are F1not resident in the United Kingdom in the tax year, the gain is not regarded as income for the purposes of Chapter 5 of Part 5 of ITTOIA 2005 (settlements: amounts treated as income of settlor).
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Annotations
Textual amendments
- F1
Word in reg. 20(1) substituted (6.4.2013) by The Income Tax (Removal of Ordinary Residence) Regulations 2013 (S.I. 2013/605), regs. 1, 7(2) (with reg. 2(a))
- F2
Reg. 20(2)-(5) omitted (retrospective and with effect for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2026 (c. 11), s. 52(1)(a)(4)(a)