SolvedTSEM1155 | Introduction to trusts: legal background – tax law: table of origins
From HM Revenue & Customs · Trusts, Settlements and Estates Manual
Use the tables to find the Income and Corporation Taxes Act 1988 (ICTA 1988) equivalent for the Income Tax Act 2007 (ITA 2007) Sections 462 to 517.
Section 462: Overview of Part
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 462(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12) | Drafting |
Section 463: Interpretation of Part
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 463(1) | ICTA Section (S.) 686(6), 687(4); Finance Act (FA) 2006 Schedule (Sch)13 paragraph 15(8); Drafting |
| Section 463(2) | Drafting |
Section 464: Scottish Trusts
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 464(1) (2) | FA 1993 S118(1) (part) |
Section 465: Overview of Chapter and interpretation
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 465(1), (2), (3), (4), (5), (6) | Drafting |
| Section 465(7) | ICTA S.685B(7); FA 2006 Sch.13 paragraph 1(1) |
| Section 465(8) | ICTA S.685B(8); FA 2006 Sch.13 paragraph 1(1) |
Section 466: Meaning of a ‘settled property’ etc
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 466(1) | ICTA S.685A(1) (part); (2) (part); FA 2006 Sch.13 paragraph .1(1); drafting |
| Section 466(2) | ICTA S.685A(1) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 466(3), (4) | ICTA S.685A(1) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 466(5), (6) | ICTA S.685A(2) (part); FA 2006 Sch.13 paragraph 1(1) |
Section 467: Meaning of ‘settlor’ etc
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 467(1), (2) | ICTA S.685B(1) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 467(3) | ICTA S.685B(2) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 467(4) | ICTA S.685B(2) (part), (5) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 467(5) | ICTA S.685B(3); FA 2006 Sch.13 paragraph 1(1) |
| Section 467(6) | ICTAS.(4); FA 2006 Sch.13 paragraph 1(1) |
| Section 467(7), (8) | Drafting |
Section 468: Meaning of ‘disposable property’
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 468(1), (2), (3), (4), (5) | ICTA S.685(5) (part); FA 2006 Sch.13 paragraph 1(1) |
Section 469: Person ceasing to be a settlor
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 469(1), (2) | ICTA S.685(6) (part); FA 2006 Sch.13 paragraph 1(1) |
Section 470: Transfers between settlements
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 470(1) | ICTA S.685C(1); FA 2006 Sch.13 paragraph 1(1) |
| Section 470(2) | ICTA S.685C(6); FA 2006 Sch.13 paragraph 1(1) |
| Section 470(3) | ICTA S.685C(2) (part); FA Sch.13 paragraph 1(1) |
| Section 470(4) | ICTA S.685C(7); FA 2006 Sch.13 paragraph 1 (1) |
Section 471: Identification of settlor following transfer covered by section 470
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 470(1) | ICTA S.685C(3) (part), (4) (part); FA 2006 Sch.13 paragraph .1(1); drafting |
| Section 470(2), (3) | ICTA S.685C(3) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 470(4) | ICTA S.685C(4) (part); FA 2006 Sch.13 paragraph 1 (1) |
| Section 470(5) | ICTA S.685C(5); FA 2006 Sch.13 paragraph 1(1) |
Section 472: Settlor where property becomes settled because of variation of will etc
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 472(1) | ICTA S.685D(1) (part); FA 2006 Sch.13 paragraph 1 (1) |
| Section 472(2) | ICTA S.685D(2); FA 2006 Sch.13 paragraph 1(1) |
| Section 472(3) | ICTA S.685D(3); FA 2006 Sch.13 paragraph 1(1) |
| Section 472(4), (5) | ICTA S.685D(4) (part); FA 2006 Sch.13 paragraph 1(1) |
Section 473: Deceased person as settlor where variation of will etc
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 473(1) | ICTA S.685D(1) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 473(2), (3) | ICTA S.685D(5) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 473(4) | ICTA S.685D(6); FA 2006 Sch.13 paragraph 1(1) |
| Section 473(5) | ICTA S.685D(7); FA 2006 Sch.13 paragraph 1(1) |
| Section 473(6) | ICTA S.685D(8); FA 2006 Sch.13 paragraph 1(1) |
Section 474: Trustees of settlement to be treated as a single and distinct person
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 474(1) | ICTA S.685E(1); FA 2006 Sch.13 paragraph 1(1) |
| Section 474(2), (3) | ICTA S.685E(8) (part); FA 2006 Sch.13 paragraph 1(1) |
Section 475: Residence of trustees
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 475(1) | ICTA S.685E(2) (part); FA 2006 Sch.13 paragraph 1(1) drafting |
| Section 475(2) | ICTA S.685E(2) (part); FA 2006 Sch.13 paragraph 1 |
| Section 475(3) | ICTA S.685E(7); FA 2006 Sch.13 paragraph 1(1) |
| Section 475(4) | ICTA S.685E(3); FA 2006 Sch.13 paragraph 1(1) |
| Section 475(5) | ICTA S.685E(4) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 475(6) | ICTA S.685E(6); FA 2006 Sch.13 paragraph 1(1) |
Section 476: How to work out whether settlor meets condition C
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 476(1) | Drafting |
| Section 476(2) (3) | ICTA S.685E(4) (part), (5) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 476(3) | ICTA S.685E(4) (part), (5) (part); FA 2006 Sch.13 paragraph 1(1); drafting |
| Section 476(4), (5) | ICTA S.685E(5) (part); FA 2006 Sch.13 paragraph 1(1) |
Section 477: Sub-fund elections under Schedule 4ZA to TCGA 1992
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 477(1) | ICTA S.685G(1) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 477(2), (4), (6) | ICTA S.685G(1) (part), (2) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 477(3) | ICTA S.685G(1) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 477(5) | ICTA S.685G(1) (part); FA 2006 Sch.13 paragraph 1(1) |
| Section 477(7) | ICTA S.685G(2) (part) (3); FA 2006 Sch.13 paragraph 1(1) |
Section 478: References to settled property etc in regulations
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 478 | FA 2006 Sch.13 paragraph 37 (part) |
Section 479: Trustees accumulated or discretionary income to be charged at special rates
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 479 (1) | ICTA S.686(1) (part), (2) (part); FA 1988 S.55 (3); FA 1993 Sch.6 paragraph 8(1); F(No2) A 1997 S.32(2); FA 2006 Sch.13 paragraph 15(1);drafting |
| Section 479(2) | ICTA S.686(1) (part); FA 1993 Sch.6 paragraph 8(1) FA 1996 Sch.6 paragraph 13 (part); F(No2) A 1997 S.32(2); ITTOIA 2005 Sch.1 paragraph 277(2); drafting |
| Section 479(3) | ICTA S.686(1AA) (part) (5A) (part); F(No2) A1997 S.32(3), (7); Income Tax (Trading & Other Income) Act 2005 (ITTOIA 2005) Sch.1 paragraph 277(3), (6) |
| Section 479(4) | ICTA S.686(1AA) (part); F(No2) A1997 S.32 (3) |
| Section 479(5) | Drafting |
Section 480: Meaning of ‘accumulated or discretionary income’
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 480(1) (2) | ICTA S.686(2) (part) |
| Section 480(3) | ICTA S.686(2) (part), (6ZA) (part); FA 1988 S.55 (3) FA 1995 Sch.17 paragraph 13; FA 2001 Sch.25 paragraph 3(2); FA 2006 S.90(2), (3), Sch13 paragraph 2(1) |
| Section 480(4) | ICTA S.686(2) (part), 6A; FA 1988 S.55(3); FA 2001 Sch.25 paragraph 3(2) (3); FA 2004 Sch.35 paragraph 29 |
| Section 480(5) | ICTA S.686 (6ZA) (part); FA 2006 S.90(3) |
| Section 480(6) | ICTA S.686 (6ZB); FA 2006 S.90(3) |
Section 481: Other amounts to be charged at special rates for trustees
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 481(1) | ICTA S.686A (1) (part); FA 2006 Sch.13 paragraph 3(1); Annex 1, Change 85 |
| Section 481(2) | ICTA S.686(1) (part), S.686A(1) (part); FA 1993 Sch.6 paragraph 8(1); FA 1996 Sch. 6 paragraph 13 (part); F (No2) A 1997 S.32(2) (part); ITTOIA 2005 Sch.1 paragraph 277(2); FA 2006 Sch. 13 paragraph 3(1); Annex 1, Change 85; drafting |
| Section 481(3) | ICTA S.686(1AA) (part), (5A) (part), S.686A (1) (part); F (No2) A 1997 S.32(3), (7), (9); ITTOIA 2005 Sch 1 paragraph 277(3), (6); FA 2006 Sch.13paragraphs 3 (1), 15(7) |
| Section 481(4) | ICTA S.686 (1AA) (part), S.686A (1) (part); F (No2) A 1997 S.32 (3); FA 2006 Sch.13. paragraph 3 (1) |
| Section 481(5), (6) | Annex 1, Change 85 |
Section 482: Types of amount to be charged at special rates for trustees
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 482 | ICTA S.686A(2), S720(5); FA 2006 Sch.13 paragraph 3 (1); Annex 1, Change 86 |
Section 483: Sums paid by personal representative to trustees
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 483(1) | ICTA S.686(6) (part); F(No2)A 1997 S.32(9); FA 2006 Sch.13 paragraph 15 (8) drafting |
| Section 483(2) | ICTA S.686(6) (part); FA 1993 Sch.6 paragraph 8 (4); F (No2) A 1997 S.32(9) |
| Section 483(3) | ICTA S.686(6) (part); F(No2) A 1997 S.32(9); ITTOIA 2005 Sch.1 paragraph 277(8); drafting |
Section 484: Trustees’ expenses to be set against trustees’ trust rate income
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 484(1) | ICTA S.686 (2AA) (part); FA 1997 Sch.7 paragraph 12(1) FA 2006 Sch.13 paragraph 15(4), (5), (6), Annex 1, Change 87 |
| Section 484(2) | ICTA S.686 (2AA) (part), S.689B(1) (part); FA 1996 Sch.6 paragraph 16; FA 1997 Sch.7 paragraph 12(1); F(No2) A 1997 S.32(6); F(No2) A 1997 Sch.4 paragraph 16(2); ITTOIA 2005 Sch 1 paragraph 277(5); drafting |
| Section 484(3) | Drafting |
| Section 484(4) | ICTA S.686(2AA) (part); FA 1997 Sch7 paragraph 12(1); F(No2) A 1997 S.32(6); ITTOIA 2005 Sch.1 paragraph 277(5) |
| Section 484(5) | ICTA S.686(2AA) (part); FA 1997 Sch7paragraph 12(1); FA 2006 Sch13 paragraph 15(4); drafting |
| Section 484(6) | Drafting |
Section 485: Carry forward of unused expenses
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 485(1), (2), (3), (4) | Annex 1, Change 87 |
Section 486: How allowable expenses are to be set against trust rate income
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 486(1) | ICTA S.686 (2AA) (part), S.689B(1) (part), (2) (part), (2A) (part), (3) (part); FA 1996 Sch.6 paragraph 16; F (No2) A 1997 Sch.4 paragraph 16; ITTOIA 2005 Sch.1 paragraph 280; Annex 1 Change 88; drafting |
| Section 486(2) | ICTA S.689B (2) (part); ITTOIA 2005 Sch.1 paragraph 280 (2) |
| Section 486(3) | Annex 1, Change 88 |
Section 487: Non UK resident trustees
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 487(1), (2), (3), (4) | ICTA S.686(2A) (part); FA 1993 Sch.6 paragraph 8 (3); FA 1997 Sch.7paragraph 12(2) |
| Section 487(5), (6) | ICTA S.686 (2B) (part);FA 1996 Sch.6 paragraph 15 |
Section 491: Special rates not to apply to first slice of trustees’ trust rate income
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 491(1), (2) | ICTA S.686D(1) (part), (2) (part), (3) (part); FA 2005 S.14(1) FA 2006 Sch.13 paragraph 4(1) |
| Section 491(3) | ICTA S.686D(4) (part) (5), (6), (7), (8) (part) FA 2005 S.14 (1); FA 2006 Sch13 paragraph 4 (1); drafting |
| Section 491(4) | ICTA S.686D(4) (part); FA 2005 S.14 (1); drafting |
| Section 491(5) | ICTA S.686(8) (part) FA 2005 S.14(1); drafting |
| Section 491(6) | Drafting |
Section 492: Cases where settlor has made more than one settlemen
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 492(1) | ICTA S.686E(1) (part), (3) (part); FA 2006 Sch 13 paragraph .4(2) |
| Section 492(2), (3) | ICTA S.686E(2) (part); FA 2006 Sch.13 paragraph 4(2) |
| Section 492(4) | ICTA S.686E(3) (part); FA 2006 Sch.13 paragraph 4(2) |
| Section 492(5) | ICTA S.686E(4); FA 2006 Sch.13 paragraph 4 (2) drafting |
Section 493: Discretionary payments by trustees
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 493(1) | ICTA S.687 (1) (part); FA 1995 Sch.17 paragraph 14(2); FA 2006 Sch 13 paragraph 17; Annex 1, change 89 |
| Section 493(2) | ICTA S.687 (1) (part); FA 1995 Sch 17 paragraph 14(2); drafting |
| Section 493(3) | ICTA S.687 (1) (part); FA 1995 Sch 17 paragraph 14(2); ITTOIA 2005 Sch 1 paragraph 278; Tax and Civil Partnership Regulations (TCPR) 2005 reg 94; drafting |
| Section 493(4) | Drafting |
| Section 493(5) | ICTA S.687 (5); FA 1995 Sch17 paragraph. 14(4) |
Section 494: Grossing up of discretionary payment and payment of income tax
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 494(1) | ICTA S.687 (2) (part) |
| Section 494(2) | ICTA S.687 (2) (part); FA 1993 Sch.6 paragraph 9 (1) |
| Section 494(3) | ICTA S.687 (2) (part) |
| Section 494(4) | ICTA S.687 (2) (part); FA 1995 Sch 17 paragraph 14(3) |
Section 495: Statement about deduction of income tax
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 495(1) | ICTA S352 (1) (part); FA 1990 Sch 5 paragraph.11 Annex 1 Change 90 |
| Section 495(2) | ICTA S352 (1) (part) |
| Section 495(3) | ICTA S352 (2) (part) |
Section 496: Income tax charged on trustees
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 496(1), (2), (3), (4), (5) | ICTA S.687 (2) (part); drafting |
Section 497: Calculation of trustees tax pool
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 4971(1) | ICTA S.687 (3) (part) |
| Section 497(2), (3) | ICTA S.687 (3) (part); Annex 1 Change 89 |
Section 498: Types of income tax for the purposes of section 497
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 498(1) | ICTA S.687 (3) (part), (3A); FA 1989 S.96(2); FA 1993 S.79(2) Sch.6 paragraph 9(2) FA 1996 Sch.14 paragraph 35 F(No2) A 1997 Sch4 paragraph 15; ITTOIA 2005 Sch.1 paragraph 278; FA 2005 S.14(3), (4), S44(1) drafting |
| Section 498(2) | ICTA S.687(3) (part); FA 1993 S79(2) Sch.6 paragraph 9 (2) (part); F(No2) A 1997 Sch.4 paragraph 15; ITTOIA 2005 Sch1 paragraph 278 |
| Section 498(3) | Drafting |
Section 499: Application of Chapter
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 499(1) | ICTA S.689(1) (part); FA 1996 Sch.6 paragraph .16; FA 2006 Sch.13 paragraph 19; drafting |
| Section 499(2) | Drafting |
Section 500: Restrictions on use of trustees’ expenses to reduce the beneficiary’s income
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 500(1), (2), (3) | Annex 1, Change 91 |
| Section 500(4) | Drafting |
Section 501: non-UK resident beneficiaries
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 501(1) | ICTA S.689A(1) (part); FA 1996 Sch6 paragraph 16 |
| Section 501(2), (3) | ICTA S.689A(2) (part); FA 1996 Sch6 paragraph 16 |
| Section 501(4) | ICTA S.689A(3); FA 1996 Sch.6 paragraph 16 |
| Section 501(5) | ICTA S.689A(4); FA 1996 Sch.6 paragraph 16 |
Section 502: Meaning of ‘untaxed income’ in section 501
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 502(1) | ICTA S.689A(1)(part); FA1996 Sch6 paragraph 16 |
| Section 502(2), (3) | ICTA S.689A(5) (part); FA 1996 Sch.6 paragraph 16 |
Section 503: How beneficiary’s income is reduced
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 503(1) | Drafting |
| Section 503(2) | ICTA S89B(1) (part), (2) (part), (2A) (part), (3) (part); FA 1996 Sch.6 paragraph 16; F(No2) A 1997 Sch4 paragraph 16; ITTOIA 2005 Sch.1 paragraph 280 |
| Section 503(3) | ICTA S.689B(2) (part), ITTOIA 2005 Sch1 paragraph 280(2) |
| Section 503(4) | Drafting |
| Section 503(5) | Annex 1, Change 91 |
Section 507: Overview of Chapter
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 507(1) | Drafting |
| Section 507(2) | ICTA S.690, S.691(1) (part), S.692(1) (part), S.693 (part) S94(1) (part); drafting |
| Section 507(3) | ICTA S.693 (part); drafting |
Section 508: Election by trustees
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 508 (1) | ICTA S.691(1) (part), (2) (part) |
| Section 508 (2) | ICTA S.691(2) (part); drafting |
| Section 508 (3) | ICTA S.691(2) (part) |
| Section 508 (4) | ICTA S.691(2) (part); ITTOIA 2005 Sch 1 paragraph 281 |
| Section 508 (5) | ICTA S.691(4) (part); FA 1996 Sch 21 paragraph 19 Annex 1 Change 5 |
Section 509: Change of circumstances during a tax year
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 509(1), (3), (4) | ICTA S.691(5)(part); drafting |
| Section 509(2) | Drafting |
Section 510
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 510(1), (2) | ICTA S.691(3) (part) |
Section 511: Prevention of double taxation: reimbursement of settlor
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 511(1) | ICTA S.692(1); ITTOIA 2005 Sch.1 paragraph 282; drafting |
| Section 511(2) | ICTA S.692(2); drafting |
Section 512: Charge to tax on some settlements
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 512(1) | ICTA S.694(1) (part), (5) (part) |
| Section 512(2), (3), (4) | ICTA S.694(1) (part) |
| Section 512(5), (6) | ICTA S.694(5) (part) |
Section 513: Income charged
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 513(1), (2) | ICTA S.694(2) (part) |
| Section 513(3), (4) | ICTA S.694(4) (part) |
Section 514: Persons liable
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 514 | ICTA S.694(4) (part) |
Section 515: Rate of tax
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 515 | ICTA S.694(2A); FA 1988 S.24(3); FA 1993 Sch.6 paragraph.10 |
Section 516: Transfer of property between settlements
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 516(1) | ICTA S.694(6) (part); drafting |
| Section 516(2), (3) | ICTA S.694(6) (part) |
| Section 516(4) | ICTA S.694(7) |
Section 517: Exemption for income treated as income of settlor
| ITA 2007 section | ICTA 1988 sections |
|---|---|
| Section 517 Section (1) | ICTA S.694(3) (part); FA 1995 Sch 17 paragraph 16; ITTOIA 2005 Sch 1 paragraph 283 |
| Section 517(2) | ICTA S.694(3) (part); drafting |