188体育

ITTOIA/S623 allows the settlor 鈥榯he same deductions and reliefs鈥� the settlor would have been entitled to had the settlor actually received the income. Thus reliefs which can only be set against a particular type of income, such as a credit under a DTA for foreign tax suffered by the trustees on foreign source income, is available to the settlor even though the charge on the settlor is under ITTOIA/Part 5 (鈥楳iscellaneous Income鈥�).

Where the 鈥榠ncome arising under a settlement鈥� is a net amount computed in accordance with the statutory rules (such as the profits of a trade or property business), ITTOIA/S623 does not allow losses made by the trustees to be used by the settlor. So, if the trustees make a loss from a property business the 鈥榠ncome arising under a settlement鈥� is zero and there is nothing to attribute to the settlor - any losses remain at the trustee level. If no income has been attributed there can be no reliefs.