Section HC 37 — Income Tax Act 2007: Testamentary trusts and minor beneficiary rule

HC 37 Testamentary trusts and minor beneficiary rule Testamentary trusts not subject to minor beneficiary rule (1) Section HC 35(2) does not apply to an amount of beneficiary income derived by a minor if all the settlements on the trust were made under a will, codicil, intestacy, or court variation and— (a) the minor is alive within 12 months of the date of the settlor’s death; or (b) the minor has a brother, sister, half-brother, or half-sister alive within 12 months of the date of the settlor’s death. Small additional settlements permitted (2) Section HC 36(3) may apply to extend the application of this exemption. Defined in this Act: amount , beneficiary income , minor , settlement , settlor , Compare: 2004 No 35 s HH 3C(1)(e)