Repayment of tax in respect of income accumulated under trusts.
(1)
Where under a will or settlement, other than a settlement to
which section 25 or 26 applies, income (in this section referred to as the trust
income) arising from a fund is accumulated for the benefit of a person
contingently on his attaining some specified age or marrying then, if that person
proves to the satisfaction of the Commissioner that the contingency has
happened, he shall, on making to him a claim for that purpose, be entitled to
have repaid to him a sum equal to the amount by which the total amount of tax
borne by the trust income during the period of accumulation exceeds the total
amount of additional tax which would have been borne by him during that
period if the trust income and the income from any other fund subject to the
same trust for accumulation had been included in his total income; but in
calculating that sum a deduction shall be made in respect of tax borne by the
trust fund and already repaid to him.(2)
A claim for repayment under this section shall be made in
writing to the Commissioner within six years after the expiry of the year of
income in which the contingency happened.
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