503 How beneficiary's income is reduced
Income Tax Act 2007 (2007 c 3) | Legislation

503  How beneficiary's income is reduced

(1)     This section applies if the beneficiary's income is to be reduced for income tax purposes by expenses of the trustees.

(2)     The beneficiary's income is to be reduced in the following order—

first, reduce dividend income within subsection (3) (if any),

second, reduce dividend income not within that subsection (if any),

third, reduce savings income (if

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