No versions valid at: 19/03/1991
Point in time view as at 19/03/1991. This version of this provision is not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 1991, Section 86.
Valid from 25/07/1991
(1)This section applies if the trustees of a settlement, while continuing to be resident and ordinarily resident in the United Kingdom, become at any time (the time concerned) trustees who fall to be regarded for the purposes of any double taxation relief arrangements—
(a)as resident in a territory outside the United Kingdom, and
(b)as not liable in the United Kingdom to tax on gains accruing on disposals of assets (relevant assets) which constitute settled property of the settlement and fall within descriptions specified in the arrangements.
(2)The trustees shall be deemed for all purposes of the M1Capital Gains Tax Act 1979—
(a)to have disposed of their relevant assets immediately before the time concerned, and
(b)immediately to have reacquired them,
at their market value at that time.
(3)In this section “double taxation relief arrangements means arrangements having effect by virtue of section 788 of the Taxes Act 1988 (as extended to capital gains tax by section 10 of the Capital Gains Tax Act 1979).
(4)This section applies where the time concerned falls on or after 19th March 1991.
Marginal Citations
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
