Part 2Trading income
Chapter 2Income taxed as trade profits
F1Trading income provided through third parties
23FRelevant benefits: persons other than T
(1)
For the purposes of section 23A(4), the enjoyment conditions are—
(a)
that the relevant benefit, or part of it, is in fact so dealt with by any person as to be calculated at some time to enure for the benefit of T;
(b)
that the arising of the relevant benefit operates to increase the value to T of any assets—
(i)
which T holds, or
(ii)
which are held for the benefit of T;
(c)
that T receives, or is entitled to receive, at any time any benefit provided or to be provided out of, or deriving or to be derived from, the relevant benefit (or part of it);
(d)
where the relevant benefit is the payment of a sum of money (including a payment by way of loan), that T may become entitled to the beneficial enjoyment of the sum or part of the sum if one or more powers are exercised or successively exercised (and for these purposes it does not matter who may exercise the powers or whether they are exercisable with or without the consent of another person);
(e)
where the relevant benefit is the payment of a sum of money (including a payment by way of loan), that T is able in any manner to control directly or indirectly the application of the sum or part of the sum.
(2)
Where an enjoyment condition is met in relation to part only of a relevant benefit, that part is to be treated as a separate benefit for the purposes of section 23A(4).
(3)
In subsection (1) references to T include references to a person who is or has been connected with T.
(4)
In determining whether any of the enjoyment conditions is met in relation to a relevant benefit, regard must be had to the substantial result and effect of all the relevant circumstances.