Taxation of association income: maximum marginal rate excluded for approved employee funds; unapproved funds taxed under existing rules. Clarifies that the rule charging the maximum marginal rate on an association's total income where individual shares are indeterminate does not apply to income of trustees for recognised or approved employee benefit funds; income for unrecognised or unapproved employee funds remains taxable under the pre-existing charging provision; and associations or trusts whose members are not entitled to income are taxed at the ordinary rate, not the maximum marginal rate.