Income which arises1 under a settlement2 is treated for income tax purposes as the income of the settlor3 and of the settlor alone for a tax year4 if in that year and during his life:
(1) it is paid5 to or for the benefit of a relevant minor child6 of the settlor; or
(2) would otherwise7 be treated as income of a relevant minor child of the settlor; and
(3) is not treated8 as the income of the settlor9.
Where income arising under a settlement is retained or accumulated by the trustees, and a payment is subsequently made in connection
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