SCHEDULES

SCHEDULE 13Settlements: amendments to ICTA and ITTOIA 2005 etc

Part 2Minor and consequential amendments

35

1

FA 2005 shall be amended as follows.

2

In the following provisions for “trustees” substitute “ the trustees of a settlement ”

a

section 23(1)(a) and (b) (vulnerable persons: introduction),

b

section 24(1) (vulnerable persons: claims),

c

section 25(1)(a) (qualifying trusts: income tax), and

d

section 37(1) (vulnerable person election).

3

In section 25(3)—

a

for “section 660G(1) and (2) of ICTA” substitute “ section 620(1) of ITTOIA 2005 ”, and

b

for “section 660A of that Act” substitute “ sections 624 and 625 of that Act. ”.

4

In section 27(2)(b) (qualifying expenses) for “total income” substitute “ income ”.

5

Section 42(5)(b) shall cease to have effect.

6

In section 43(4) (penalties) for the first reference to “trustees” substitute “ the trustees of a settlement ”.

7

This paragraph shall come into force on 6th April 2006.