Version Superseded: 05/12/2005
Point in time view as at 07/04/2005. This version of this provision has been superseded.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 624.
(1)Income which arises under a settlement is treated for income tax purposes as the income of the settlor and of the settlor alone if it arises—
(a)during the life of the settlor, and
(b)from property in which the settlor has an interest.
(2)For more on a settlor having an interest in property, see section 625.
(3)For exceptions to the rule in subsection (1), see—
section 626 (exception for outright gifts between spouses),
section 627 (exceptions for certain types of income), and
section 628 (exception for gifts to charities).
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