587. Intangible settled property where settlor retains an interest.

Where the terms of a settlement1, as they affect any relevant property2 comprised in the settlement, are such that any income arising from the property would be treated as income of a person ('the chargeable person') for the purposes of the provisions charging income tax on a settlor who is for the purposes of those provisions treated as the settlor3, an amount equal to the chargeable amount is treated as income of that person chargeable to income tax