SCHEDULES
SCHEDULE 13Settlements: amendments to ICTA and ITTOIA 2005 etc
Part 2Minor and consequential amendments
31
1
In ITTOIA 2005—
a
for “trustees of trusts” in each place in sections 417(2) and 420 substitute “
trustees of settlements
”
,
b
in section 420(1)(a) and (c) for “trust” substitute “
settlement
”
,
c
in the title of section 420 for “trust” substitute “
settlement
”
.
2
For section 623 of ITTOIA 2005 (calculation of income) substitute—
623Calculation of income
For the purpose of calculating liability to tax under this Chapter (but for no other purpose), a settlor shall be allowed the same deductions and reliefs as if any amount treated under this Chapter as income of the settlor had actually been received by the settlor.
3
This paragraph shall come into force on 6th April 2006 in respect of settlements whenever created, and in respect of loans or advances whenever made.