60. All income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income of the transferor and shall be included in his total income.
[Updated up to Finance Act 2017]
This website really has all of the information and facts I wanted concerning this subject and
didn’t know who to ask.