CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
"settlement" includes any disposition, trust, covenant, agreement,
arrangement or transfer of assets;
"settlor", in relation to a settlement, includes any person by whom the
settlement was made.
73. Sections 68 to 72 have effect from 5th December 1962. Commencement of sections 68 to 72
74. (1) repealed Amended/Deleted by Finance Act, 1989
Limitations on certain settlements
F.A. 35/98*
(2) Amended/Deleted by Finance Act, 1989
(3) Amended/Deleted by Finance Act, 1989
85 (4) repealed Amended by Act No. 25 of 1992
F.A. 35/98*
(5) In this section -
"disposition" has the same meaning as in section 67(7) and
includes a settlement as defined by section 72;
"disponer", in relation to a disposition includes any person by
whom the disposition was made;
"total income" means the aggregate amount of the income of the
disponer from the sources specified in section 5 before making any
deductions allowed by any provision of this Act other than sections
10, 11, and 16 and the Income Tax (In Aid of Industry) Act.
75. Where under or by virtue of any disposition (as defined by section 74)
made directly or indirectly by any person any income may accrue to or
may be received by any other person, such income shall, to the extent that
it is not otherwise directed to be regarded by any provision of this Act be
treated as the income of the disponee and not as the income of any other
person.
Deductions for settlements
RETURNS - BY WHOM TO BE MADE
86 76 (1) Every person liable to furnish a return of income in respect of any
year of income either personally or in a representative capacity, shall
85 BIR Note: Amendment Effective 1st January, 1993.
86 Notwithstanding section 76 of the Act every person (other than a company), liable to furnish a return of
income in respect of the year of income 1975 shall furnish such return on or before 30th June 1976.
Act No. 14 of 1976 Section 15
BIR Mac Edition 91/01 Page 94