Section 81: Taxation of trustees.

(1) Subject to subsection (2), a trustee is liable for income tax on the chargeable income of the trust. (2) For the purposes of subsection (1), the chargeable income of a trust for a year of assessment shall be calculated by subtracting from the chargeable income of the trust calculated without reference to this subsection, the amount included in the assessable income of any beneficiary under section 80. (3) Trustees shall be jointly and severally liable for a tax liability arising from trust income that is not satisfied from trust assets, but any trustee required to meet such liability shall be entitled to a contribution from each of the other trustees.