472 Trusts created by two or more persons
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

472  Trusts created by two or more persons

(1)     For the purposes of this Chapter, if immediately before a chargeable event—

(a)     the rights under a policy or contract are held on non-charitable trusts created by two or more persons, or

(b)     a share in those rights is so held,

each of the persons is treated as the sole settlor of a separate share of the rights or share held on trusts.

(2)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Violent disorder

Violent disorderThe offence of violent disorderViolent disorder can be tried in the magistrates' court or the Crown Court. These offences will normally be dealt with in the Crown Court. However, there may be cases involving minor violence or threats of violence leading to no or minor injury, with

LEXISNEXIS

Escrow accounts and escrow agreements

Escrow accounts and escrow agreementsThis Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions

LEXISNEXIS

Acknowledgment of service

Acknowledgment of serviceThis Practice Note explains when an acknowledgment of service is required (CPR 10) and the consequences of a failure to file an acknowledgment of service. It identifies the correct form to use, what information must be included and who must to sign the form. The different

LEXISNEXIS

Guarantee payments

Guarantee paymentsThis Practice Note explains the right to a guarantee payment, which provides limited pay protection for certain employees who are laid off or put on short-time working.In practice the question whether a guarantee payment is due will usually arise in the case of hourly paid or piece