Taxation of Chargeable Gains Act 1992, Cross Heading: Attribution of gains to settlor in section 1M cases is up to date with all changes known to be in force on or before 10 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.
Textual Amendments
F1Sch. 4C inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4), Sch. 26 Pt. I
F2Words in Sch. 4C para. 12 cross-heading substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(6)
12[F3(1)This paragraph applies if—U.K.
[F4(a)by virtue of [F5section 1M], an amount of chargeable gains within section 86(1)(e) that accrued in a tax year (“year A”) to the trustees of a settlement would be treated as accruing to a person (“the settlor”) in the period of return, and]
(b)after paragraph 8 has applied for the year of return, [F6the section 1(3) amount] for [F7year A] that is in the Schedule 4C pool for the settlement is less than the amount mentioned in paragraph (a).
(2)The amount of chargeable gains treated as mentioned in sub-paragraph (1)(a) as accruing to the settlor in the [F8period of return] is limited to [F6the section 1(3) amount] referred to in sub-paragraph (1)(b).]
(4)Where the property comprised in the transferor settlement has at any time included property not originating from the settlor, only so much (if any) of any capital payment taken into account for the purposes of paragraph 8 above as, on a just and reasonable apportionment, is properly referable to property originating from the settlor shall be taken into account in computing the amount charged to beneficiaries.
(5)Expressions used in this paragraph and [F9section 1M] have the same meanings in this paragraph as in that section; and paragraph 8 of Schedule 5 shall apply for the construction of the references in sub-paragraph (4) above to property originating from the settlor as it applies for the purposes of that Schedule.]
Textual Amendments
F3Sch. 4C para. 12(1)(2) substituted for Sch. 4C para. 12(1)-(3) (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 143(2) (with Sch. 7 para. 155)
F4Sch. 4C para. 12(1)(a) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(3)(a)
F5Words in Sch. 4C para. 12(1)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(6)
F6Words in Sch. 4C substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(2)
F7Words in Sch. 4C para. 12(1)(b) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(3)(b)
F8Words in Sch. 4C para. 12(2) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(4)
F9Words in Sch. 4C para. 12(5) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(6)
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