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Income of dispositions in favour of infants.
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440.—(1) Subject to the provisions of this section, any income which, by virtue or in consequence of any disposition made, directly or indirectly, by any person after the 5th day of April, 1914, is payable to or applicable for the benefit of a child of that person for some period less than the life of the child shall, if and so long as the child is an infant and unmarried, be deemed for the purposes of this Act to be the income of the person, if living, by whom the disposition was made and not to be the income of any other person.
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(3) This section shall not apply as regards any income which is derived from capital which, at the end of the period during which that income is payable to or applicable for the benefit of the child, is required by the disposition to be held on trust absolutely for, or to be transferred to, the child, or any income which is payable to or applicable for the benefit of a child during the whole period of the life of the person by whom the disposition was made.
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(4) Income shall not be deemed for the purposes of this section to be payable to or applicable for the benefit of a child for some period less than its life by reason only that the disposition contains a provision for the payment to some other person of the income in the event of the bankruptcy of the child, or of an assignment thereof, or a charge thereon being executed by the child.
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