- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
3.—(1) Regulation 2 shall be renumbered as paragraph (1) of that regulation.
(2) In regulation 2(1)—
(a)in the definition of “the appropriate person”(1) for the words “as a personal representative in his capacity as such” there shall be substituted the words “in his capacity as a personal representative or as a trustee of a discretionary or accumulation trust”;
(b)after the definition of “the Board” there shall be inserted—
““discretionary or accumulation trust” means a trust which is such that some or all of any income arising to the trustees would fall (unless treated as income of the settlor or applied in defraying expenses of the trustees) to be comprised for the year in which it arises in income to which section 686(2) of the Taxes Act (liability to additional rate tax of certain income of discretionary trusts) applies;”.
(3) After regulation 2(1) there shall be added the following paragraphs—
“(2) References in these Regulations to a beneficiary in relation to a discretionary or accumulation trust are references to any person who, as a person falling wholly or partly within any description of actual or potential beneficiaries, is either —
(a)a person who is, or will or may become, entitled under the trust to receive the whole or any part of any income under the trust; or
(b)a person to or for the benefit of whom the whole or any part of any such income may be paid or applied in exercise of any discretion conferred by the trust.
(3) References in paragraph (2) to income under the trust include references to so much (if any) of any property falling to be treated as capital under the trust as represents amounts originally received by the trustees as income.”.
Inserted by S.I. 1992/11.
Section 686 was amended by section 55(3) of the Finance Act 1988 (c. 39), Part V of Schedule 17 to the Finance Act 1989 (c. 26), paragraph 13 of Schedule 5, and Part IV of Schedule 19, to the Finance Act 1990, paragraph 8 of Schedule 6 to the Finance Act 1993 (c. 34) and paragraph 13 of Schedule 17 to the Finance Act 1995 (c. 4).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: