Finance Act 2008, Paragraph 132 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.
132U.K.In paragraph 1, for sub-paragraphs (2) and (3) substitute—
“(2)The transferor settlement is regarded for the purposes of this Schedule as having a “Schedule 4C pool”.
(3)The Schedule 4C pool contains the section 2(2) amounts for the settlement that are outstanding at the end of the tax year in which the original transfer is made (see paragraph 1A).
(3A)The section 2(2) amount for that tax year is increased by—
(a)the amount of Schedule 4B trust gains accruing by virtue of the original transfer (see paragraphs 3 to 7), and
(b)the total amount of any further Schedule 4B trust gains accruing by virtue of any further transfers of value to which that Schedule applies that are made by the trustees in that tax year.”
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