636 Calculation of undistributed income
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

636  Calculation of undistributed income

(1)     For the purposes of section 635, [unprotected] income arising under a settlement in any tax year is treated as [unprotected] income which has not been distributed so far as it exceeds the total amount of—

(a)     the sums to which subsection (2) applies,

(b)     the expenses to which subsection (4) applies, and

(c)     if the trustees of the settlement are trustees for charitable purposes, the amount to which subsection (6) applies.

(2)     This subsection applies to . . . sums paid in the tax

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