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8(1)This paragraph applies where—
(a)the terms of a settlement, as they affect any property comprised in the settlement, are such that any income arising from the property would be treated by virtue of section 660A of the Taxes Act 1988 (income arising under settlement where settlor retains an interest) as income of a person (“the chargeable person”) who is for the purposes of Part 15 of that Act the settlor,
(b)any such income would be so treated even if subsection (2) of that section did not include any reference to the spouse of the settlor, and
(c)that property includes any property as respects which the condition in sub-paragraph (2) is met (“the relevant property”).
(2)The condition mentioned in sub-paragraph (1)(c) is that the property is intangible property which is or represents property which the chargeable person settled, or added to the settlement, after 17th March 1986.
(3)Where this paragraph applies in respect of the whole or part of a year of assessment, an amount equal to the chargeable amount determined under paragraph 9 is to be treated as income of the chargeable person chargeable to income tax.
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