3(1)Section 686 of the Taxes Act 1988 (accumulation and discretionary trusts: special rates of tax) is amended as follows.
(2)In subsection (2)(c) (income excluded from trusts rate or Schedule F trusts rate), before the words “income from investments, deposits or other property” (which relate to income of certain pension funds or schemes) insert “, subject to section (6A) below,”.
(3)After subsection (6) insert—
“(6A)The exemptions provided for by subsection (2)(c) above in relation to income from investments, deposits or other property held as mentioned in sub-paragraph (i) or (ii) of that paragraph do not apply to income derived from investments, deposits or other property held as a member of a property investment LLP.”.