Part 2

Income tax, corporation tax and capital gains tax
Chapter 4

Trusts with vulnerable beneficiary

Income tax

Amount of relief
26
1
The trustees' liability to income tax for the tax year is to be reduced by an amount equal to—
TQTI - VQTI
where—
TQTI is an amount determined in accordance with section 27 (income tax liability of trustees in respect of qualifying trusts income), and
VQTI is an amount determined in accordance with section 28 (extra income tax to which vulnerable person would be liable if qualifying trusts income were income of his).
2
The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.
S. 26(1) renumbered (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 594 (with Sch. 2)
S. 26(2) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 594 (with Sch. 2)
Word in s. 26(1) inserted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 13