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SCHEDULES

SCHEDULE 14Settled Property

Capital distributions

3After subsection (2) of section 51 there shall be inserted—

(2A)Subsection (2) above shall not have effect in relation to capital distributions ; but, except where the context otherwise requires, references in this Part of this Act to chargeable transfers or to the values transferred by them shall be construed as including references to capital distributions or to the amounts on which tax is chargeable in respect of them.