Summary
1.Section 12 provides for amendments to certain provisions of the settlements legislation (Part 5, Chapter 5 Income Tax (Trading and Other Income) Act 2005 (ITTOIA)) so that the rule in section 624(1) does not apply if a settlor is not an individual. The changes will confirm that income which arises under a settlement and originates from any settlor who is not an individual is not treated as that of the settlor.
2.The change will take effect from 21 March 2012.