Explanatory Notes

Income Tax Act 2007

2007 CHAPTER 3

20 March 2007

Commentary on Sections

Part 9: Special rules about settlements and trustees

Overview

Chapter 4: Trustees’ expenses and special rates for trustees
Overview
Section 485: Carry forward of unused expenses

1419.This section specifies how expenses are relieved if the amount paid exceeds the income of the year taxable at the special trust rates. It is new.

1420.In essence, if expenses incurred exceed income they are carried forward and allowed as soon as there is sufficient trust rate income. See Change 87 in Annex 1.