SCHEDULES
F1SCHEDULE 1CAnnual exempt amount in cases involving settled property
Other settlements
5
(1)
This paragraph applies if settlement is not a settlement for the benefit of a disabled person for a tax year.
(2)
Section 1K applies in relation to the trustees of the settlement for the year as it applies in relation to an individual for the year but as if the annual exempt amount for the year were one-half of the amount available for the individual for the year.
(3)
This paragraph needs to be read be with—
(a)
paragraph 6 (cases where settlement is qualifying UK settlement comprised in a group), and
(b)
paragraph 8 (sub-fund settlements).