35(1)FA 2005 shall be amended as follows.U.K.
(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.