467Person liable: UK resident trusteesU.K.
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Nodiadau Esboniadol
(1)Trustees are liable for tax under this Chapter if immediately before the chargeable event in question occurs they are UK resident and condition A, B, C or D is met.
[(1A)If trustees are liable for tax under this Chapter, the gain is treated for income tax purposes as income of the trustees.]
(2)Condition A is that the rights under the policy or contract are held by the trustees on charitable trusts.
(3)Condition B is that—
(a)those rights are held by the trustees on non-charitable trusts, and
(b)one or more of the absent settlor conditions is met.
(4)The absent settlor conditions are that the person who created the trusts—
(a)is non-UK resident,
(b)has died, or
(c)in the case of a company or foreign institution (see section 468(5)), has been dissolved or wound up or has otherwise come to an end.
(5)Condition C is that—
(a)the rights under the policy or contract are held by the trustees on non-charitable trusts,
(b)condition B does not apply, and
[(c)neither section 465 nor section 466 applies.]
(6)Condition D is that the rights under the policy or contract are held as security for a debt owed by the trustees.
[(7)If trustees are liable for tax under this Chapter, it is charged at the [basic rate] if—
(a)condition A is met, or
(b)condition D is met and the trustees are trustees of a charitable trust.]