Part 9Special rules about settlements and trustees
Chapter 8Trustees' expenses and beneficiary's income
499Application of Chapter
1
This Chapter applies if—
a
in a tax year (“the current tax year”) income arises to the trustees of a settlement, and
b
before being distributed, some or all of that income is income of another person (“the beneficiary”).
2
It contains provision about how the beneficiary's income mentioned in subsection (1)(b) (“the beneficiary's income”) can be reduced for income tax purposes by reference to expenses of the trustees.