Part 9Special rules about settlements and trustees
Chapter 3Special rates for trustees' income
481Other amounts to be charged at special rates for trustees
1
This section applies if—
a
the trustees of a settlement are liable for income tax on an amount of a type set out in section 482,
b
the trustees are not trustees of a unit trust scheme, and
c
the amount is not income arising under a F2charitable trust.
2
Income tax is charged on the amount at one of the rates referred to in this section instead of at the rate which would otherwise apply (for which see Chapter 2 of Part 2 (rates at which income tax is charged)).
This is subject to subsection (5).
3
If the amount is within Type 1 F1or Type 12 as set out in section 482, income tax is charged on the amount at the dividend trust rate.
4
Otherwise, income tax is charged on the amount at the trust rate.
5
Income tax is not to be charged as mentioned in subsection (2) so far as the amount—
a
is accumulated or discretionary income,
b
would be accumulated or discretionary income apart from section 480(3)(a) or (c), or
c
is income from property within subsection (6).
6
Property is within this subsection if it is held for the purposes of a superannuation fund to which section 615(3) of ICTA (superannuation funds relating to undertakings outside the UK) applies.