SCHEDULES
SCHEDULE 16Settlements: settlors
Information
13
1
This paragraph applies if—
a
a settlement is created before 19th March 1991,
b
on or after that date a person transfers property to the trustees otherwise than under a transaction entered into at arm’s length and otherwise than in pursuance of a liability incurred by any person before that date,
c
the trustees are not resident or ordinarily resident in the United Kingdom at the time the property is transferred, and
d
the transferor knows, or has reason to believe, that the trustees are not so resident or ordinarily resident.
2
Before the expiry of the period of twelve months beginning with the relevant day, the transferor shall deliver to the Board a return which—
a
identifies the settlement, and
b
specifies the property transferred, the day on which the transfer was made, and the consideration (if any) for the transfer.
3
For the purposes of sub-paragraph (2) above the relevant day is the later of—
a
the day on which the transfer is made, and
b
the day on which this Act is passed.