Finance Act 2005, Section 32 is up to date with all changes known to be in force on or before 06 March 2025. 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.
(1)Special capital gains tax treatment applies for the tax year in accordance with this section if the vulnerable person is non-UK resident [F1for] the tax year.
(2)The trustees' liability to capital gains tax for the tax year is to be reduced by an amount equal to—
where—
TQTG is the amount of capital gains tax to which the trustees would (apart from this Chapter) be liable for the tax year in respect of the qualifying trusts gains, and
[F2VQTG is the amount arrived at under subsection (3). ]
[F3(3)That amount is—
where—
TLVB is the total amount of capital gains tax to which the vulnerable person would be liable for the tax year if the vulnerable person's taxable amount for the tax year F4... were equal to the vulnerable person's deemed CGT taxable amount for the tax year (if any), and
TL VA is what TLVB would be if the vulnerable person's taxable amount for the tax year F4... were equal to the aggregate of the vulnerable person's deemed CGT taxable amount for the tax year (if any) and the amount of the qualifying trust gains.
[F5(3A)For the purposes of this section “the vulnerable person’s taxable amount for the tax year” means the amount on which that person would be chargeable to capital gains tax for the tax year if no account were taken of section 1K of TCGA 1992.]
(4)For the purposes of this section the vulnerable person's deemed CGT taxable amount for the tax year is to be determined in accordance with Schedule 1.]
Textual Amendments
F1Word in s. 32(1) substituted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 45 para. 151(5)
F2Words in s. 32(2) substituted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 17(2)
F3S. 32(3)(4) inserted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 17(3)
F4Words in s. 32(3) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 97(2)
F5S. 32(3A) inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 97(3)
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