12Settlements: income originating from settlors other than individualsU.K.
This section has no associated Explanatory Notes
(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.