Related Commentary  

500(1)  Expenses of the trustees can be used to reduce the beneficiary's income for income tax purposes only so far as–

(a)the expenses are incurred by the trustees in the current tax year or in an earlier tax year, and

(b)as a result of the expenses being chargeable to income as mentioned in subsection (2) or (3), the beneficiary's entitlement to the beneficiary's income is reduced by reference to the expenses.

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