480 Meaning of “accumulated or discretionary income”
Income Tax Act 2007 (2007 c 3) | Legislation

480  Meaning of “accumulated or discretionary income”

(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 other person,

and it is not excluded by subsection (3).

(2)     The cases covered by subsection (1)(b) include cases where the trustees have,

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