PART 1Income tax, corporation tax and capital gains tax

CHAPTER 2Income tax: general

Anti-avoidance

12Settlements: income originating from settlors other than individuals

(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.