TSEM9320 - Ownership and income tax: introduction: income tax principles - exceptions to 바카라 사이트˜receiving or entitled to바카라 사이트™
There are two exceptions to the 바카라 사이트˜receiving or entitled to바카라 사이트™ principle described in TSEM9310.
Settlements legislation
The legislation at Chapter 5 Part 5 ITTOIA at ITTOIA/S624 provides that where the settlor retains an interest in a settlement, he or she is taxable on the income arising under the settlement. Settlement is defined broadly to include, 바카라 사이트˜any disposition, trust, covenant, agreement, arrangement or transfer of assets바카라 사이트™. A settlor retains an interest if there are circumstances in which the settlor, and/or a spouse or civil partner of the settlor may benefit from the property and/or income of the settlement.
The legislation applies to tax the settlor on the income of the settlement even if the settlor does not receive the income and is not entitled to it. See TSEM4120 onwards.
Jointly held property - married couples and civil partners
ITA/S836 provides that where a married couple or civil partners living together hold property in their joint names, they are treated for income tax purposes as beneficially entitled to the income in equal shares. The consequence is that they are taxable in equal shares.
S836 applies regardless of the actual receipt or entitlement position of the married couple or civil partners. The couple can however ask to be taxed on their actual entitlement in certain circumstances. See TSEM9800.