579. Special rates of tax for trustees' income.

If accumulated or discretionary income1 arises to the trustees of a settlement2, other than under a charitable trust, income tax is charged on the income at the dividend trust rate3 so far as the income is dividend income and otherwise it is charged at the trust rate4, instead of at the rates which would otherwise apply5. Income is not treated as accumulated or discretionary income if it falls within one of three specified heads6.

If the trustees of a settlement (other than trustees of a unit trust scheme) are liable for income tax on an amount of a specified type