SupplementaryU.K.
871Power to make regulations to give effect to ChapterU.K.
(1)The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision—
(a)about the giving of information by deposit-takers, building societies and appropriate persons,
(b)about the inspection of deposit-takers' and building societies' books, documents and other records by officers of Revenue and Customs, and
(c)generally for giving effect to this Chapter.
(2)Regulations under this section may contain incidental, supplemental, consequential and transitional provision and savings.
(3)In this section “appropriate person” means a person who, in relation to an investment, falls within any of the following—
(a)section 858(5),
(b)section 859(5),
(c)section 860(4), or
(d)section 861(5).
872Power to make orders amending ChapterU.K.
(1)The Treasury may by order amend this Chapter for the purposes of providing that investments of a kind specified in the order are, or are not, relevant investments.
(2)An order under this section which amends this Chapter in its application to deposit-takers may do so—
(a)in relation to all deposit-takers, or
(b)in relation to such deposit-takers or classes of deposit-taker as the order may specify.
(3)An order under this section may contain incidental, supplemental, consequential and transitional provision and savings.
(4)An order under this section may not amend section 852 (power to make regulations disapplying section 851).
(5)An order under this section may not amend section 870(2)(b) for the purpose of providing that securities of the kind mentioned in that provision are relevant investments.
873Discretionary or accumulation settlementsU.K.
(1)A settlement is a discretionary or accumulation settlement for the purposes of this Chapter if any income arising to the trustees would (unless treated as income of the settlor) be to any extent income within subsection (2) for the tax year in which it arises.
(2)Income is within this subsection so far as it is—
(a)accumulated or discretionary income as defined in section 480 (other than income arising under a trust established for charitable purposes only or an unauthorised unit trust in relation to which section 504 applies), or
(b)an amount of a type set out in section 482 (unless the trust is a unit trust scheme or the amount is income arising under a trust established for charitable purposes only or is excluded by section 481(5)).
(3)A person is a beneficiary under a discretionary or accumulation settlement for the purposes of this Chapter if—
(a)the person is an actual or potential beneficiary under the settlement, and
(b)condition A or B is met in relation to the person.
(4)Condition A is that the person is, or will or may become, entitled under the settlement to receive some or all of any income under the settlement.
(5)Condition B is that some or all of any income under the settlement may be paid to or used for the benefit of the person in the exercise of a discretion conferred under the settlement.
(6)The references in subsections (4) and (5) to any income under the settlement include a reference to any capital under the settlement so far as it represents amounts originally received by the trustees as income.