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of <h1>Income from revocable asset transfers taxed to transferor; irrevocable/no-benefit trusts excepted; revocation makes income taxable to transferor</h1> Income arising from a revocable transfer of assets is taxable as the income of the transferor and must be included in the transferor's total income. This does not apply where the transfer is a trust not revocable during the beneficiary's lifetime, or otherwise not revocable during the transferee's lifetime, provided the transferor receives no direct or indirect benefit from the income. If the transfer becomes revocable (the power to revoke arises), any income from the transfer is chargeable to tax as the transferor's income at that time.
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