Accumulation period reduction for trust income: holding term shortened for income accumulated after the specified cutoff date. The amendment substitutes the prior ten-year retention requirement with a five years retention period for income accumulated or set apart on or after 1 ... Summary
Accumulation period reduction for trust income: holding term shortened for income accumulated after the specified cutoff date.
The amendment substitutes the prior ten-year retention requirement with a five years retention period for income accumulated or set apart on or after 1 April 2001, by inserting a proviso to section 11(2) effective 1 April 2002 that replaces both instances of "ten years" with "five years."
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