TSEM1155 - Introduction to trusts: legal background – tax law: table of origins

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 478FA 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 482ICTA 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 514ICTA S.694(4) (part)


Section 515: Rate of tax

ITA 2007 section
ICTA 1988 sections 
Section 515ICTA 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