Section 632 | Offshore income gains

(1)This section applies if—

(a)an offshore income gain accrues in respect of a disposal by a trustee of assets held by the trustee for a minor, and

(b)the minor would be absolutely entitled as against the trustee but for being a minor.

(2)The income which, under regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (charge to tax), is treated as arising by reference to that gain is treated for the purposes of sections 629 and 631 as paid to the minor.^F1

(3)In this section “offshore income gain” has the same meaning as in Chapter 5 of Part 2 of those Regulations.^F2