Free legislation on LexisWeb is as enacted and does not take into account any amendments

Full Table of Contents

Other supplementary provisions646Adjustments between settlor and trustees etc

(1)    A settlor is entitled to recover from—

(a)    any trustee, or

(b)    any other person to whom the income is payable in connection with the settlement,

the amount of any tax paid by the settlor which became chargeable on the settlor under section 624 or 629.

(2)    For this purpose, the settlor may require the Inland Revenue to provide the settlor with a certificate specifying—

(a)    the amount of income in respect of which the settlor has so paid tax, and

(b)    the amount of tax so paid.

(3)    A certificate provided under subsection (2) is conclusive evidence of the facts stated in it.

(4)    Subsection (5) applies if—

(a)    a settlor obtains a repayment of tax in respect of an allowance or relief, and

(b)    the repayment is in excess of the amount of the repayment to which the settlor would have been entitled but for sections 624 to 632.

(5)    The settlor must pay an amount equal to the excess to—

(a)    the trustee, or

(b)    the other person to whom the income is payable by virtue of or as a result of the settlement.

(6)    If there are two or more such persons, the amount must be apportioned among them as the case may require.

(7)    Any question as to—

(a)    the amount of a payment under subsection (5), or

(b)    an apportionment to be made under subsection (6),

is to be decided by the General Commissioners whose decision is final.

(8)    Nothing in sections 624 to 632 is to be read as excluding a charge to tax on the trustees as persons by whom any income is received.

NOTES
Initial Commencement
Specified date

This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Trusts & Trustees99 Company Law & Business Entities92 Personal Taxes94 Equity & Trusts99 Companies & Corporate Bodies92 Income Tax94 Trading Income94 Tax Law94

Full Table of Contents

Lexis®Library

  • Authoritative guides to the status of statutory provisions and their meaning from a range of titles from Butterworths, Halsbury's Statutes and TolleyView other related LexisLibrary annotations
  • The current law in England and Wales, consolidated by the incorporation of amendments into existing legislation, by an expert team of editorsView Consolidated Version
  • Indicates the date on which a section of an enactment was brought into force, powered by Halsbury's Is It In ForceView current status of this Act
  • Cases related to this particular case that are related to, or discuss this caseView related cases
  • Official explanatory notes that further explain the effects of the Act and summarise what the Act sets out to achieveView official explanatory notes
  • Commentary discussing this particular case from LexisLibrary's comprehensive range of titles including Butterworths, Halsbury's and TolleyView all related commentary
  • An authoritative guide to the status of statutory provisions and their meaning, including definitions, cross-references and information on commencement and amendmentView Halsbury Statutes Citator
  • Subordinate legislation is made under the authority of a provision (or provisions) of an Act (or Acts) of ParliamentView all subordinate legislation