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SCHEDULES

[F1SCHEDULE 4AU.K.Disposal of interest in settled property: deemed disposal of underlying assets

Textual Amendments

F1Sch. 4A inserted (with application in accordance with s. 91(3) of the amending Act) by Finance Act 2000 (c. 17), s. 91(2), Sch. 24

Condition as to UK residence of trusteesU.K.

5(1)The condition as to UK residence of the trustees is that the trustees of the settlement were [F2resident and ordinarily resident in the United Kingdom during any part of the year].U.K.

(2)For this purpose the trustees shall not be regarded as [F3resident and ordinarily resident in the United Kingdom] at any time when they fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.

(3)This paragraph has effect subject to paragraph 13(3)(b) where the beginning of the disposal and its effective completion fall in different years of assessment.]

Textual Amendments

F2Words in Sch. 4A para. 5(1) substituted (6.4.2007) by Finance Act 2006 (c. 25), Sch. 12 paras. 39, 41

F3Words in Sch. 4A para. 5(2) substituted (with effect in accordance with Sch. 12 para. 34(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(e)