565. Effect of an election.

If in a tax year income arises (or is treated as arising) to trustees of a settlement from property held on qualifying trusts1 for the benefit of a vulnerable person2 ('qualifying trusts income') and a vulnerable person election3 is in place, the following provisions apply if a claim for special tax treatment is made by the trustees4.

The effect of the claim is to reduce the trustees' liability to that which would be paid by the vulnerable person if the income were his