Modifications of sections 468O and 468P in relation to interest distributions made to or received under a trust
5. In section 468P—
(a)in subsection (1)(c) for the words “subsections (2) to (4)” there shall be substituted the words “subsection (2)”;
(b)for subsection (2) there shall be substituted the following subsection—
“(2) A declaration made as mentioned in section 468O(1) must contain—
(a)the names and principal residential addresses of the trustees of the trust or, in the case of a trustee which is a company, the name of the company and the address of its registered or principal office;
(b)the names and principal residential addresses of the beneficiaries of the trust or, in the case of a beneficiary which is a company, the name of the company and the address of its registered or principal office; and
(c)an undertaking that the trustees of the trust will notify the trustees of the authorised unit trust in question if—
(i)they become resident in the United Kingdom, or
(ii)any beneficiary of the trust named in the declaration becomes ordinarily resident or, in the case of a company, resident in the United Kingdom, or
(iii)any person who becomes a beneficiary of the trust after the making of the declaration either is at the time of becoming a beneficiary, or subsequently becomes, ordinarily resident or, in the case of a company, resident in the United Kingdom.”;
(c)subsections (3) and (4) shall be omitted;
(d)in subsection (5)(a)—
(i)the words “or (4)” shall be omitted;
(ii)for the words “the person in question” there shall be substituted the words “the trustees of the trust have become resident, or any beneficiary of the trust”;
(e)in subsection (5)(b) for the words “the person in question” there shall be substituted the words “the trustees of the trust are or may be resident, or any beneficiary of the trust”.