Finance Act 2012 (c. 14)

PART 1 U.K. Income tax, corporation tax and capital gains tax

CHAPTER 2 U.K. Income tax: general

Anti-avoidance U.K.

12 Settlements: income originating from settlors other than individuals U.K.

(1) ITTOIA 2005 is amended as follows.

(2) In section 627 (income where settlor retains an interest: exceptions), at the end insert—

“(4) The rule in section 624(1) does not apply in relation to income which—

(a) arises under a settlement, and

(b) originates from any settlor who was not an individual.”

(3) In section 645 (property or income originating from settlor), in subsection (2), for “section 644” substitute “ sections 627 and 644 ”.

(4) The amendments made by this section have effect in relation to income arising on or after 21 March 2012.