Part 2 Income Tax
Finance Act 2018 (2018 c 3) | Legislation

Part 2 Income Tax

ITTOIA 2005

3

(1)     Chapter 5 of Part 5 of ITTOIA 2005 (settlements: amounts treated as income of settlor) is amended as follows.

(2)     In the Chapter heading, after “settlor†insert “or familyâ€.

4

In section 619(1) (list of provisions in the Chapter charging tax)—

(a)     omit the “and†at the end of paragraph (c), and

(b)     after paragraph (d) insert—

“(e)     benefits whose amount or value is treated as income of the settlor or a close family member as a result of section 643A (benefits provided out of protected foreign-source income), and

(f)     amounts treated as income of the settlor or a close family member by section 643J or 643L (gifts provided out of benefits).â€

5

In section 621 (income charged under the Chapter), for “income and capital sums†substitute “income, capital sums and benefitsâ€.

6

In section 622 (person liable), at the end insert “, but this is subject to sections 643A and 643I to 643M.â€

7

In section 623 (deductions and reliefs allowed when calculating liability under the Chapter)—

(a)     for “a settlor†substitute “an individualâ€, and

(b)     for “the settlorâ€, in both places it occurs, substitute “the individualâ€.

8

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