551 Right of individual to recover tax from trustees

551 Right of individual to recover tax from trustees

Postby markie b » Sun Jun 21, 2009 7:09 am

551 Right of individual to recover tax from trustees

(1) Where—

(a) an amount is included in an individual’s income by virtue of section 547(1)(a), and

(b) the rights or share in question were held immediately before the happening of the chargeable event on trust,

the individual shall be entitled to recover from the trustees, to the extent of any sums, or to the value of any benefits, received by them by reason of the event, an amount equal to that (if any) by which the tax with which he is chargeable for the year of assessment in question, reduced by the amount of any relief available under section 550 in respect of the amount so included, exceeds the tax with which he would have been chargeable for the year if that amount had not been so included.

(2) Where, for the purposes of relief under section 550, two or more amounts are to be treated as one, the reduction required by subsection (1) above on account of the relief available in respect of any of them shall consist of a proportionate part of the relief available in respect of their aggregate.

(3) An individual may require the Board to certify any amount recoverable by him by virtue of this section, and the certificate shall be conclusive evidence of the amount.
when injustice becomes law
rebellion becomes duty
markie b
 
Posts: 707
Joined: Wed Apr 29, 2009 12:42 am

Re: 551 Right of individual to recover tax from trustees

Postby huntingross » Sun Jun 21, 2009 10:35 am

What does this mean MB, it looks like the tax "responsibility" is handed up to the Trust through the trustees.
Success nourishes hope
User avatar
huntingross
Moderator
Moderator
 
Posts: 4324
Joined: Mon Mar 09, 2009 11:29 pm
Location: FIDACH, Near Edinburgh

Re: 551 Right of individual to recover tax from trustees

Postby markie b » Sun Jun 21, 2009 11:50 am

huntingross wrote:What does this mean MB, it looks like the tax "responsibility" is handed up to the Trust through the trustees.


who is the trustee of the account?as far as i can make out its either the hm treasury or the exchecker or maybe the mp as they deal with the money's bestowed upon them as your representitive :wink: i.e roads schools hospitals
when injustice becomes law
rebellion becomes duty
markie b
 
Posts: 707
Joined: Wed Apr 29, 2009 12:42 am

Re: 551 Right of individual to recover tax from trustees

Postby huntingross » Sun Jun 21, 2009 2:00 pm

Oh....I had read it as being a Trust like the one Consumerpada is advocating...you're saying it this is a different sort of trust....

I don't know MB, I haven't read the document....what does it say in the preambles or the front...or title...about it.
Success nourishes hope
User avatar
huntingross
Moderator
Moderator
 
Posts: 4324
Joined: Mon Mar 09, 2009 11:29 pm
Location: FIDACH, Near Edinburgh

Re: 551 Right of individual to recover tax from trustees

Postby markie b » Sun Jun 21, 2009 3:20 pm

its a long long long read :rofl:
when injustice becomes law
rebellion becomes duty
markie b
 
Posts: 707
Joined: Wed Apr 29, 2009 12:42 am


Return to Income tax only

Who is online

Users browsing this forum: No registered users and 2 guests

cron