Valid from 06/04/2006
31(1)In ITTOIA 2005—U.K.
(a)for “trustees of trusts” in each place in sections 417(2) and 420 substitute “ trustees of settlements ”,
(b)in section 420(1)(a) and (c) for “trust” substitute “ settlement ”,
(c)in the title of section 420 for “trust” substitute “ settlement ”.
(2)For section 623 of ITTOIA 2005 (calculation of income) substitute—
“623Calculation of income
For the purpose of calculating liability to tax under this Chapter (but for no other purpose), a settlor shall be allowed the same deductions and reliefs as if any amount treated under this Chapter as income of the settlor had actually been received by the settlor.”
(3)This paragraph shall come into force on 6th April 2006 in respect of settlements whenever created, and in respect of loans or advances whenever made.