[721B Section 721A: tainting]
Income Tax Act 2007 (2007 c 3) | Legislation

[721B  Section 721A: tainting]

[(1)     This section applies for the purposes of subsections (3)(e) and (4)(g) of section 721A.

(2)     Ignore—

(a)     property or income provided under a transaction, other than a loan, where the transaction is entered into on arm's length terms,

(b)     property or income provided, otherwise than under a loan, without any intention by the person providing it to confer a gratuitous benefit on any person,

(c)     the principal of a loan which is made to the trustees of the settlement on arm's length terms,

(d)     the payment of interest to the trustees of the settlement under a loan made by them on arm's length terms,

(e)     repayment to the trustees of the settlement of the principal of a loan made by them,

(f)     property or income provided in pursuance of a liability incurred by any person before 6 April 2017, and

(g)     where the settlement's expenses relating to taxation and administration for a tax year exceed its income for that year, property or

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