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Income Tax (Earnings and Pensions) Act 2003

Paragraph 24: Meaning of “associate”: trustees of discretionary trust

3019.This paragraph also supplements paragraph 22 and contains provisions that apply where an individual is interested as an object of a discretionary trust. The paragraph derives from paragraph 22 of Schedule 8.

3020.The defined term “relevant company” in paragraph 22 of Schedule 8 has been omitted. It is possible to rewrite this paragraph without making use of this definition.

3021.Sub-paragraphs (1) and (2) recast the material in paragraph 22(1) and (2). Sub-paragraph (1) deals with all the conditions (which, at present, are distributed between sub-paragraphs (1) and (2)); and sub-paragraph (2) states the main rule (which, at present, is contained in the full-out words at the end of sub-paragraph (2)).

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