Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Trusts, Settlements and Estates Manual

From
HM Revenue & Customs
Updated
, see all updates

Trust income and gains: Sub-fund elections - interaction with a vulnerable beneficiary election

If a sub-fund election is made for a settlement to which a vulnerable person election already applies, the trustees of the sub-fund settlement are treated as though they had made the vulnerable person election even if they did not actually do so. The power to require information under FA05/S40 (TSEM3480) still applies in respect of the trustees of the principal statement but only in relation to matters arising before the sub-fund election takes effect.