Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 473 — Deceased person as settlor where variation of will etc
Deceased person as settlor where variation of will etc 473 1 This section applies if— a a disposition of property following the death of a person (“D”) is varied, and b section 62(6) of TCGA 1992…
Section 474 — Trustees of settlement to be treated as a single and distinct person
Trustees of settlement to be treated as a single and distinct person 474 1 For the purposes of the Income Tax Acts (except where the context otherwise requires), the trustees of a settlement are…
Section 475 — Residence of trustees
Residence of trustees 475 1 This section applies for income tax purposes and explains how to work out, in relation to the trustees of a settlement, whether or not the single person mentioned in…
Section 476 — How to work out whether settlor meets condition C
How to work out whether settlor meets condition C 476 1 This section applies for the purpose of working out whether a settlor (“S”) in relation to a settlement meets condition C at a time. 2 If— a…
Section 477 — Sub-fund elections under Schedule 4ZA to TCGA 1992
Sub-fund elections under Schedule 4ZA to TCGA 1992 477 1 This section applies for the purposes of the Income Tax Acts (except so far as, in those Acts, the context otherwise requires) if the trustees…
Section 478 — References to settled property etc in regulations
References to settled property etc in regulations 478 For the purposes of regulations (whenever made) made under a provision of the Income Tax Acts— a references to settled property, a settlor or…
Section 479 — Trustees' accumulated or discretionary income to be charged at special rates
Trustees' accumulated or discretionary income to be charged at special rates 479 1 This section applies if— a accumulated or discretionary income arises to the trustees of a settlement, and b the…
Section 480 — Meaning of “accumulated or discretionary income”
Meaning of “accumulated or discretionary income” 480 1 Income is accumulated or discretionary income so far as— a it must be accumulated, or b it is payable at the discretion of the trustees or any…
Section 481 — Other amounts to be charged at special rates for trustees
Other amounts to be charged at special rates for trustees 481 1 This section applies if— a the trustees of a settlement are liable for income tax on an amount of a type set out in section 482, b the…
Section 482 — Types of amount to be charged at special rates for trustees
Types of amount to be charged at special rates for trustees 482 The types of amount referred to in section 481 are as follows. Type 1 A payment— a which is made to the trustees or to which the…
Section 483 — Sums paid by personal representatives to trustees
Sums paid by personal representatives to trustees 483 1 This section applies if, during or at the end of the administration period for an estate— a the personal representatives pay the trustees of a…
Section 484 — Trustees' expenses to be set against trustees' trust rate income
Trustees' expenses to be set against trustees' trust rate income 484 1 This section applies if the trustees of a settlement incur allowable expenses in a tax year (“the current tax year”). 2 The…
Section 485 — Carry forward of unused expenses
Carry forward of unused expenses 485 1 This section applies if (apart from this section) the trustees incur an allowable expense in a tax year prior to the current tax year (“the earlier tax year”).…
Section 486 — How allowable expenses are to be set against trust rate income
How allowable expenses are to be set against trust rate income 486 1 Take the following steps to determine how the allowable expenses are to be set against the trustees' trust rate income for the…
Section 487 — Non-UK resident trustees
Non-UK resident trustees 487 1 This section applies if a proportion of the income arising to the trustees in the current tax year is untaxed income. 2 A proportion of the allowable expenses is…
Section 488 — Application of section 479 to trustees of Schedule 2 share incentive plans
Application of section 479 to trustees of Schedule 2 share incentive plans 488 1 This section applies if— a income arises to the trustees of a Schedule 2 share incentive plan, and b the income…
Section 489 — “ The applicable period ” in relation to shares
“ The applicable period ” in relation to shares 489 1 This section sets out how the applicable period in relation to any shares (“the relevant shares”) is determined for the purposes of section 488.…
Section 490 — Interpretation of Chapter
Interpretation of Chapter 490 1 This Chapter forms part of the SIP code (see section 488 of ITEPA 2003 ( ... share incentive plans)). 2 Therefore expressions used in this Chapter and contained in the…
Section 491 — Special rates not to apply to first slice of trustees' trust rate income
Special rates not to apply to first slice of trustees' trust rate income 491 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 492 — Cases where settlor has made more than one settlement
Cases where settlor has made more than one settlement 492 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 493 — Discretionary payments by trustees
Discretionary payments by trustees 493 1 Sections 494 and 495 apply for income tax purposes if— a in a tax year the trustees of a settlement make an annual payment to a person (“ the beneficiary ”)…
Section 494 — Grossing up of discretionary payment and payment of income tax
Grossing up of discretionary payment and payment of income tax 494 1 The discretionary payment is treated as if it were made after the deduction of a sum representing income tax at the trust rate on…
Section 495 — Statement about deduction of income tax
Statement about deduction of income tax 495 1 If the person who is treated as having paid income tax requests it in writing, the trustees must provide that person with a statement showing— a the…
Section 496 — Income tax charged on trustees
Income tax charged on trustees 496 1 Income tax is charged for a tax year if— a in the tax year the trustees of a settlement make payments as a result of which income tax is treated as having been…
Section 496A — Discretionary payments by trustees: employment income
Discretionary payments by trustees: employment income 496A 1 Section 496B applies if— a in a tax year the trustees of a settlement make a discretionary employment income payment, and b the trustees…
Section 496B — Relief for trustees
Relief for trustees 496B 1 The trustees of a settlement are entitled (on making a claim in respect of a tax year) to repayment of an amount of income tax equal to the lesser of amount A and amount B.…
Section 497 — Calculation of trustees' tax pool
Calculation of trustees' tax pool 497 1 Take the following steps to calculate the amount of the trustees' tax pool available for a tax year (“the current tax year”). This is subject to subsections…
Section 498 — Types of income tax for the purposes of section 497
Types of income tax for the purposes of section 497 498 1 The types of amount referred to at Step 2 in section 497 are as follows. Type 1 The amount of any tax on income (other than income of a kind…
Section 499 — 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…
Section 500 — Restrictions on use of trustees' expenses to reduce the beneficiary's income
Restrictions on use of trustees' expenses to reduce the beneficiary's income 500 1 Expenses of the trustees can be used to reduce the beneficiary's income for income tax purposes only so far as— a…
Section 501 — Non-UK resident beneficiaries
Non-UK resident beneficiaries 501 1 This section applies if— a expenses of the trustees are to be used to reduce the beneficiary's income for income tax purposes, and b a proportion of the…
Section 502 — Meaning of “untaxed income” in section 501
Meaning of “untaxed income” in section 501 502 1 For the purposes of section 501 the beneficiary's income is untaxed income so far as the beneficiary is not liable to income tax on it wholly or…
Section 503 — How beneficiary's income is reduced
How beneficiary's income is reduced 503 1 This section applies if the beneficiary's income is to be reduced for income tax purposes by expenses of the trustees. 2 The beneficiary's income is to be…
Section 504 — Treatment of income of unauthorised unit trust
Treatment of income of unauthorised unit trust 504 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 504A — Treatment of capital expenditure of unauthorised unit trust
Treatment of capital expenditure of unauthorised unit trust 504A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 505 — Relief for trustees of unauthorised unit trust
Relief for trustees of unauthorised unit trust 505 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 506 — Special rules for trustees affected by section 733 of ICTA
Special rules for trustees affected by section 733 of ICTA 506 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 507 — Overview of Chapter
Overview of Chapter 507 1 This Chapter makes provision about income arising from heritage maintenance property comprised in a heritage maintenance settlement. 2 In this Chapter— “ heritage body ”…
Section 508 — Election by trustees
Election by trustees 508 1 The trustees of a heritage maintenance settlement may elect for this section to have effect for a tax year. 2 If an election under subsection (1) has effect for a tax year,…
Section 509 — Change of circumstances during a tax year
Change of circumstances during a tax year 509 1 If a change of circumstances arises during a tax year— a the part of the year before the change and the part of the year after the change are to be…
Section 510 — Sums applied for property maintenance purposes
Sums applied for property maintenance purposes 510 1 This section applies if— a income arises from the heritage maintenance property comprised in a heritage maintenance settlement in a tax year in…
Section 511 — Prevention of double taxation: reimbursement of settlor
Prevention of double taxation: reimbursement of settlor 511 1 This section applies to income arising from heritage maintenance property if— a the income is treated under Chapter 5 of Part 5 of ITTOIA…
Section 512 — Charge to tax on some settlements
Charge to tax on some settlements 512 1 Income tax is charged in respect of a heritage maintenance settlement on any of the occasions described in cases A to D, subject to sections 516 and 517. 2…
Section 513 — Income charged
Income charged 513 1 Tax is charged under section 512 on the whole of the income— a which has arisen in the relevant period from the property comprised in the settlement, and b which has not been…
Section 514 — Persons liable
Persons liable 514 The persons liable for any tax charged under section 512 are the trustees of the settlement.
Section 515 — Rate of tax
Rate of tax 515 Tax is charged under section 512 at the rate found by— a taking the additional rate for the tax year during which the charge arises, and b reducing it by the trust rate for that year.
Section 516 — Transfer of property between settlements
Transfer of property between settlements 516 1 This section applies if the whole of the property comprised in a settlement becomes comprised in another settlement because of a tax-free transfer. 2…
Section 517 — Exemption for income treated as income of settlor
Exemption for income treated as income of settlor 517 1 Tax is not chargeable under section 512 in respect of income which is treated under section 624 or 629 of ITTOIA 2005 as income of the settlor.…
Section 517A — Overview of Part
Overview of Part 517A This Part contains provision about the income tax treatment of certain profits and gains realised from disposals concerned with land in the United Kingdom.
Section 517B — Disposals of land in the United Kingdom
Disposals of land in the United Kingdom 517B 1 Section 517C(1) applies (subject to subsection (3) of that section) if— a a person within subsection (2)(a), (b) or (c) realises a profit or gain from a…