- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (28/12/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 21/07/2008
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Taxation of Chargeable Gains Act 1992, Section 79 is up to date with all changes known to be in force on or before 16 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)For the purposes of this section and sections 77 and 78 a person is a settlor in relation to a settlement if the settled property consists of or includes property originating from him.
(2)In this section and sections 77 and 78—
(a)references to settled property (and to property comprised in a settlement), in relation to any settlor, are references only to property originating from that settlor, F1...
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)References in this section to property originating from a settlor are references to—
(a)property which that settlor has provided directly or indirectly for the purposes of the settlement,
(b)property representing that property, and
(c)so much of any property which represents both property so provided and other property as, on a just apportionment, represents the property so provided.
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)In [F3subsection (3)] above—
(a)references to property F4... which a settlor has provided directly or indirectly include references to property F4... which has been provided directly or indirectly by another person in pursuance of reciprocal arrangements with that settlor, but do not include references to property F4... which that settlor has provided directly or indirectly in pursuance of reciprocal arrangements with another person, and
(b)references to property which represents other property include references to property which represents accumulated income from that other property.
[F5(5A)In subsection (5) above “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable.]
(6)An [F6officer of the Board] may by notice require any person who is or has been a trustee of, a beneficiary under, or a settlor in relation to, a settlement to give him within such time as he may direct, not being less than 28 days, such particulars as he thinks necessary for the purposes of this section and sections 77 and 78.
(7)The reference in section 77(1)(a) to gains accruing to trustees from the disposal of settled property includes a reference to gains treated as accruing to them under section 13 and the reference in section 77(1)(b) to deductions in respect of disposals of the settled property includes a reference to deductions on account of losses treated under section 13 as accruing to the trustees.
(8)Where the trustees of a settlement have elected that section [F7508 of ITA 2007 (trustees’ election in respect of income arising from heritage maintenance property)] shall have effect in the case of any settlement or part of a settlement in relation to a year of assessment, sections 77 and 78 and subsections (1) to (7) above shall not apply in relation to the settlement or part for the year.
Textual Amendments
F1S. 79(2)(b) and preceding word repealed (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 29(2), Sch. 29 Pt. VIII(8)
F2S. 79(4) repealed (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 29(3), Sch. 29 Pt. VIII(8)
F3Words in s. 79(5) substituted (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 29(4)(a)
F4Words in s. 79(5)(a) repealed (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 29(4)(b), Sch. 29 Pt. VIII(8)
F5S. 79(5A) inserted (with effect in accordance with Sch. 21 para. 10(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 2(2)
F6Words in s. 79(6) substituted (with effect in accordance with Sch. 21 para. 10(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 2(3)
F7Words in s. 79(8) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 301 (with Sch. 2)
Modifications etc. (not altering text)
C1S. 79 applied in part (with effect in accordance with s. 45 of the amending Act) by Finance Act 2005 (c. 7), s. 31(2)
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