- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (10/07/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/04/2005
Point in time view as at 10/07/2003.
There are currently no known outstanding effects for the Finance Act 1996, Paragraph 6.
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6(1)Where, on a transfer or redemption of a security by trustees, an amount is treated as income chargeable to tax by virtue of this Schedule—U.K.
(a)that amount shall be taken for the purposes of Chapters IA and IB of Part XV of the Taxes Act 1988 (settlements: liability of settlor etc.) to be income arising—
(i)under the settlement of which the trustees are trustees; and
(ii)from that security;
(b)that amount shall be taken for the purposes of Chapter IC of Part XV of that Act (settlements: liability of trustees) to be income arising to the trustees; and
(c)to the extent that tax on that amount is charged on the trustees, the rate at which it is chargeable shall be taken (where it would not otherwise be the case) to be the rate applicable to trusts for the year of assessment in which the transfer or redemption is made.
(2)Where the trustees are trustees of a scheme to which section 469 of the Taxes Act 1988 (unauthorised unit trusts) applies, sub-paragraph (1) above shall not apply if or to the extent that the amount is treated as income in the accounts of the scheme.
(3)Without prejudice to paragraph 12 below, [F1paragraph 1(1) above does not apply] in the case of—
(a)any transfer of a security for the time being held under a settlement the trustees of which are not resident in the United Kingdom; or
(b)any redemption of a security which is so held immediately before its redemption.
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)Where a relevant discounted security is transferred by personal representatives to a legatee, they shall be treated for the purposes of this Schedule as obtaining in respect of the transfer an amount equal to the market value of the security at the time of the transfer.
(8)In this paragraph “legatee” includes any person taking (whether beneficially or as trustee) under a testamentary disposition or on an intestacy or partial intestacy, including any person taking by virtue of an appropriation by the personal representatives in or towards satisfaction of a legacy or other interest or share in the deceased’s property.
Textual Amendments
F1Words in Sch. 13 para. 6(3) substituted (with effect in accordance with Sch. 39 para. 6(1)(b)(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 39 para. 5(1)(a)
F2Sch. 13 para. 6(4)-(6) repealed (with effect in accordance with Sch. 39 para. 6(1)(b)(2)(3) of the amending Act) by Finance Act 2003 (c. 14), Sch. 39 para. 5(1)(b), Sch. 43 Pt. 3(16)
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