This section has no associated Explanatory Notes
408U.K.In section 71(4) (further charges to tax: borrowing)—
(a)in paragraph (a) for “annual profits or gains whose amount” substitute “ income of an amount that ”, and
(b)for paragraph (b) and the word “and” at the end of it substitute—
“(b)that income shall be chargeable to income tax for the year of assessment at the end of which the further event occurs,
(ba)the tax so chargeable shall be charged on the full amount of the income the trustees are treated as receiving in the year of assessment,
(bb)the trustees are liable for any tax so chargeable, and”.