Related Commentary  

501(1)  This section applies if–

(a)expenses of the trustees are to be used to reduce the beneficiary's income for income tax purposes, and

(b)a proportion of the beneficiary's income is untaxed income (see section 502).

501(2)  A proportion of those expenses is not to be so used.

501(3)  That proportion is the same as the proportion of the beneficiary's income which is untaxed income.

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