Paragraph 1 F1

(1)

This Schedule provides for the application of section 1K (in some cases with modifications) in relation to the trustees of a settlement for a tax year.

(2)

The application of this Schedule depends on (among other things) whether or not—

(a)

a settlement is for the benefit of a disabled person, and

(b)

a settlement is a qualifying UK settlement.

(3)

For the definitions of those expressions, see paragraphs 3 and 7 respectively.

(4)

In this Schedule any reference to the application of section 1K in relation to an individual for a tax year is to its application in relation to an individual F2to whom subsection (6) of that section does not apply.

Annotations

Textual amendments

F1: Sch. 1C inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 16
F2: Words in Sch. 1C para. 1(4) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(9)(11)