[F13(1)This paragraph explains what is meant in this Schedule by a settlement being “within section F2... 86 or 87” in a year of assessment.U.K.
F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)A settlement is “within section 86” in a year of assessment if, assuming—
(a)that there were chargeable gains accruing to the trustees by virtue of disposals of any of the settled property originating from the settlor, and
(b)that the other elements of the condition in subsection (1)(e) of that section were met,
chargeable gains would, under that section, be treated as accruing to the settlor in that year.
Expressions used in this sub-paragraph have the same meaning as in section 86.
[F4(4)A settlement is “within section 87” for a tax year if—
(a)section 87 applies to the settlement for that year, or
(b)chargeable gains would be treated under section 89(2) as accruing in that year to a beneficiary who received a capital payment from the trustees of the settlement in that year.
(5)The reference in subsection (4)(b) to chargeable gains treated as accruing includes offshore income gains treated as arising.]]
Textual Amendments
F1Sch. 4B inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(2), Sch. 25
F2Word in Sch. 4B para. 3(1) omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 8(3)(a)
F3Sch. 4B para. 3(2) omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 8(3)(b)
F4Sch. 4B para. 3(4)(5) substituted for Sch. 4B para. 3(4) (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 130 (with Sch. 7 para. 155)