Part 5 U.K. Miscellaneous income

Chapter 5 U.K. Settlements: amounts treated as income of settlor [F1 or family]

Textual Amendments

F1 Words in Pt. 5 Ch. 5 heading inserted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 3(2)

Rules for calculating income U.K.

623 Calculation of income U.K.

(1) This section applies for the purpose of calculating the liability to tax of [F2 an individual] charged under this Chapter.

(2) The same deductions and reliefs are allowed as would have been allowed if the amount treated as [F3 the individual's] income as a result of this Chapter had been received by [F3 the individual] as income.

Textual Amendments

F2 Words in s. 623 substituted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 7(a)

F3 Words in s. 623 substituted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by virtue of Finance Act 2018 (c. 3), Sch. 10 para. 7(b)