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Income Tax (Trading and Other Income) Act 2005

Paragraph 112: Pre-17th March 1998 policy or contract: UK resident trustees

3631.This paragraph reflects the commencement provisions for the source legislation, which deals with the liability of UK resident trustees. It is based on paragraph 7 of Schedule 14 to FA 1998.

3632.In addition to the usual provision in sub-paragraph (3) defining the policies and contracts, gains from which are not to be attributed to trustees, and the usual reservation in sub-paragraph (4) for policies and contracts subsequently varied, sub-paragraph (1) prescribes a date condition and a settlor condition.

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