Irrevocable transfer treatment: income excluded from attribution until revocation power arises, then charged to transferor. Section 62 excludes from section 61 transfers that are irrevocable during the beneficiary's or transferee's lifetime, and certain transfers made before ... Summary
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Irrevocable transfer treatment: income excluded from attribution until revocation power arises, then charged to transferor.
Section 62 excludes from section 61 transfers that are irrevocable during the beneficiary's or transferee's lifetime, and certain transfers made before the specified date not revocable for a defined period, provided the transferor derives no direct or indirect benefit; however, if the power to revoke subsequently arises all income from the transfer is chargeable to the transferor and included in his total income when that power materialises.
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