Section 499 — Income Tax Act 2007: Application of Chapter

Application of Chapter 499 1 This Chapter applies if—

a in a tax year (“the current tax year”) income arises to the trustees of a settlement, and b before being distributed, some or all of that income is income of another person (“ the beneficiary ”).

2 It contains provision about how the beneficiary's income mentioned in subsection (1)(b) (“the beneficiary's income”) can be reduced for income tax purposes by reference to expenses of the trustees.