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Income Tax Act 2007

Section 496: Income tax charged on trustees

1458.This section sets out the tax effect on the trustees of making a discretionary payment. It is based on section 687(2) of ICTA.

1459.The source legislation provides for all the tax deemed to have been deducted to be assessed on the trustees, subject to set-off under section 687(3) of ICTA (the “tax pool”). But the charge under this section is only on the amount of tax by which the amount treated as deducted exceeds the amount of the tax pool for that year. This is similar to the approach adopted in section 424 (gift aid).

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