Section 624 | Income where settlor retains an interest

(1)Income which arises under a settlement is treated for income tax purposes as the income of the settlor and of the settlor alone if it arises—

(a)during the life of the settlor, and

(b)from property in which the settlor has an interest.

(1A)If the settlement is a trust, expenses of the trustees are not to be used to reduce the income of the settlor.^F1

(2)For more on a settlor having an interest in property, see section 625.

(3)For exceptions to the rule in subsection (1), see—^F2F3F4F5

section 626 (exception for outright gifts between spouses or civil partners),

section 627 (exceptions for certain types of income), and ...

section 628 (exception for gifts to charities), ...