Income and Corporation Taxes Act 1970

436 Application of Chapter I to dispositions where there is more than one disponor

(1) In the case of any disposition where there is more than one person who made the disposition, this Chapter shall, subject to the provisions of this section, have effect in relation to each person who made the disposition as if he were the only person who had made it.

(2) In the case of any such disposition, references in this Chapter to income payable or applicable by virtue or in consequence of the disposition include, in relation to any person making the disposition, only—

(a) income from property which that person has provided directly or indirectly for the purposes of the disposition ; and

(b) income from property representing that property; and

(c) income from so much of any property which represents both property provided as aforesaid and other property as, on a just apportionment, represents the property so provided; and

(d) income provided directly or indirectly by that person.

(3) In this section references to property which represents other property include references to property which represents accumulated income from that other property.