CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
property comprised in the settlement or to the income from the
whole or any part of such property,
but a settlement shall not be deemed to be revocable by reason only that
under its terms the settlor has a right to re-assume control directly or
indirectly over any income or assets relating to the interest of any
beneficiary under the settlement in the event that such beneficiary should
predecease him.
70. (1) Where income under a settlement may accrue to or may be received by
any person other than the settlor, then unless under the settlement the
income either accrues to or is received by - When income of settlement not income of settlor
(a) an individual who is not in the service of the settlor, or
accustomed to act as the solicitor or agent of the settlor;
(b) repealed Finance Act 35/98*
(c) repealed Finance Act 35/98*
the income shall be deemed to be the income of the settlor and not
the income of any other person.
(2) repealed Finance Act 35/98*
*Effective 1 st January 1997
84 (3) Notwithstanding subsection (1) where income which has accrued to
any person is assigned by that person under a deed of covenant or other
instrument of assignment to his or her spouse, such income shall be
deemed to be the income of the assignor and not the income of the spouse.
Act No.14 of 1976
71. (1) Amended/Deleted by Finance Act, 1989
(2) repealed F.A. 35/98*
72. In sections 68 to 71 - Interpretation of sections 68 to 71
"relative" means a husband, wife, ancestor, lineal descendant, brother or
sister;
84 BIR Note: Effective 1st January 1974.
* Effective 1 st January 1997
BIR Mac Edition 91/01 Page 93