Clause 13

a trust that is constituted on or after 1st April 2019;

a company that is incorporated on or after 1st April 2019;

a trust that —

is constituted before 1st April 2019; and

in the basis period in which 31st March 2019 falls, is not a locally administered trust prescribed under subsection (1) (referred to in this subsection and subsection (6) as a prescribed trust); or

a company that —

is incorporated before 1st April 2019; and

in the basis period in which 31st March 2019 falls, is not a holding company established for the purposes of a prescribed trust, and prescribed under subsection (1).(5) Where, in any basis period beginning on or after 1st April 2019, a trust or company does not satisfy the requirement referred to in subsection (6), then this section shall not apply to the trust or company for the year of assessment to which that basis period relates, and for every subsequent year of assessment even if the requirement is satisfied in the basis period for the subsequent year of assessment.(6) In subsection (5), the requirement is —

in the case of the trust, that it is a prescribed trust; or

in the case of the company, that it is a holding company established for the purposes of a prescribed trust, and prescribed under subsection (1).(7) Where, in any basis period beginning on or after 1st April 2019, the trustee company which administers a locally administered trust fails to comply with any of the regulations made under subsection (1), then this section shall not apply to the trust or the holding company established for the purposes of the trust for the year of assessment to which that basis period relates, and for every subsequent year of assessment even if those regulations are satisfied in the basis period for the subsequent year of assessment.”.