Part 5

Miscellaneous income
Chapter 5

Settlements: amounts treated as income of settlor or family

Transitional provision about protected foreign-source income and transitional trust income

Protected foreign-source income and transitional trust income not to be taxed elsewhere in Chapter
643ZB
1
The rules in sections 624(1) and 629(1) do not apply to protected foreign-source income or transitional trust income (which, by virtue of section 648(3) to (5), may be treated as income arising under the settlement in the tax year 2025-26 or a subsequent tax year).
2
In the following provisions, “
income
” does not include protected foreign-source income or transitional trust income—
- section 635(2) and (3)(d)(i);
- section 636(1), (2) (in the words before paragraph (a)), (4) and (6);
- section 637(5) and (7A).
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)
S. 643A cross-heading substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 11, 70(1)
Ss. 643ZA, 643ZB inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 12, 70(1)