[F1[F2Attribution of gains to beneficiaries in [F3section 1M] casesU.K.
Textual Amendments
F1Sch. 4C inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4), Sch. 26 Pt. I
F2Sch. 4C para. 12A and cross-heading inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 4(2) (with s. 163(4)-(6))
F3Words in Sch. 4C para. 12A cross-heading substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(7)
12A(1)This paragraph applies where by virtue of [F4section 1M] an amount of gains would (apart from this Schedule) be treated under section 87 as accruing to a person (“the beneficiary”) in the [F5period of return] by virtue of a capital payment made to him in [F6the temporary period of non-residence].U.K.
(2)Where this paragraph applies, a capital payment equal to so much of that capital payment as exceeds the amount otherwise charged shall be deemed for the purposes of this Schedule to be made to the beneficiary in the year of return.
(3)The “amount otherwise charged” means the total of any chargeable gains attributed to the beneficiary under section [F787(2)] or 89(2) by virtue of the capital payment.
(4)For the purposes of paragraph 13(5)(b) a deemed capital payment under this paragraph shall be treated as made when the actual capital payment mentioned in sub-paragraph (1) above was made.
(5)Expressions used in this paragraph and [F8section 1M] have the same meanings in this paragraph as in that section.]]
Textual Amendments
F4Words in Sch. 4C para. 12A(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(7)
F5Words in Sch. 4C para. 12A(1) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(5)(a)
F6Words in Sch. 4C para. 12A(1) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(5)(b)
F7Word in Sch. 4C para. 12A(3) substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 144 (with Sch. 7 para. 155)
F8Words in Sch. 4C para. 12A(5) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(7)