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.