Trusts (Capital and Income) Act 2013
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
3 Power to compensate income beneficiary
(1) This section applies in any case where— (a) by virtue of section 2 a tax-exempt corporate distribution made by a body corporate is treated for the purposes of a trust to which that section applies as a receipt of capital, and (b) the trustees are satisfied that it is likely that, but for the distribution, there would have been a receipt from the body corporate that would have been a receipt of income for the purposes of the trust. (2) The trustees may make a payment out of the capital funds of the trust, or transfer any property of the trust, to an income beneficiary for the purpose set out in subsection (3) (and any such payment or transfer is to be treated as a payment or transfer of capital). (3) The purpose is placing the income beneficiary (so far as practicable) in the position in which the trustees consider that the beneficiary would have been had there been the receipt of income mentioned in subsection (1)(b). (4) In this section “income beneficiary”, in relation to a trust, means a person entitled to income arising under the trust, or for whose benefit such income may be applied.
3 Power to compensate income beneficiary
(1) This section applies in any case where— (a) by virtue of section 2 a tax-exempt corporate distribution made by a body corporate is treated for the purposes of a trust to which that section applies as a receipt of capital, and (b) the trustees are satisfied that it is likely that, but for the distribution, there would have been a receipt from the body corporate that would have been a receipt of income for the purposes of the trust. (2) The trustees may make a payment out of the capital funds of the trust, or transfer any property of the trust, to an income beneficiary for the purpose set out in subsection (3) (and any such payment or transfer is to be treated as a payment or transfer of capital). (3) The purpose is placing the income beneficiary (so far as practicable) in the position in which the trustees consider that the beneficiary would have been had there been the receipt of income mentioned in subsection (1)(b). (4) In this section “income beneficiary”, in relation to a trust, means a person entitled to income arising under the trust, or for whose benefit such income may be applied.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.