Related Commentary  

503(1)  This section applies if the beneficiary's income is to be reduced for income tax purposes by expenses of the trustees.

503(2)  The beneficiary's income is to be reduced in the following order–

first, reduce dividend income within subsection (3) (if any),

second, reduce dividend income not within that subsection (if any),

third, reduce savings income (if any), and

fourth, reduce other income (if any).

503(3)  Income is within this subsection so far as it is–

(a)chargeable under Chapter 3 of Part 4 of ITTOIA 2005 (dividends etc from UK resident companies),

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