37 Vulnerable person election
Finance Act 2005 (2005 c 7) | Legislation

Vulnerable persons

37  Vulnerable person election

(1)     Where [the trustees of a settlement] hold property on trusts for the benefit of a person, the [the trustees of a settlement] and that person may jointly make a vulnerable person election in relation to those trusts and that person if—

(a)     the person in relation to whom the election is made is a vulnerable person, and

(b)     the trusts in relation to which the election is made are qualifying trusts.

(2)     A vulnerable person election is an election in such form as the Board of Inland Revenue may require—

(a)     specifying the date from which it is to have effect (“the effective date”),

(b)     made by notice to the Inland Revenue no later than 12 months after 31st January next following the tax year in which the effective date falls, or within such further time, if any, as the Board of Inland Revenue may by notice

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