- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (05/12/2005)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 21/07/2008
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(1)This section applies if—
(a)in the year 1990-91 or a subsequent year of assessment the trustees of a settlement (“the transferor settlement”) transfer all or part of the settled property to the trustees of another settlement (“the transferee settlement”), and
(b)looking at the state of affairs at the end of the year of assessment in which the transfer is made, there is a qualifying amount of the transferor settlement for a particular year of assessment (“the year concerned”) and the amount is not (or not wholly) matched with capital payments.
(2)If the whole of the settled property is transferred—
(a)the transferor settlement’s qualifying amount for the year concerned shall be treated as reduced by so much of it as is not matched, and
(b)so much of that amount as is not matched shall be treated as (or as an addition to) the transferee settlement’s qualifying amount for the year concerned.
(3)If part of the settled property is transferred—
(a)so much of the transferor settlement’s qualifying amount for the year concerned as is not matched shall be apportioned on such basis as is just and reasonable, part being attributed to the transferred property and part to the property not transferred,
(b)the transferor settlement’s qualifying amount for the year concerned shall be treated as reduced by the part attributed to the transferred property, and
(c)that part shall be treated as (or as an addition to) the transferee settlement’s qualifying amount for the year concerned.
(4)If the transferee settlement did not in fact exist in the year concerned, it shall be treated as having been made at the beginning of that year.
(5)If the transferee settlement did in fact exist in the year concerned, this section shall apply whether or not section 87 applies to the settlement for that year or for any year of assessment falling before that year.
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