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Taxation of Chargeable Gains Act 1992
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Changes to legislation:
Taxation of Chargeable Gains Act 1992, Paragraph 8 is up to date with all changes known to be in force on or before 14 February 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.
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Changes and effects yet to be applied to Schedule 1C Paragraph 8:
- Act applied by 2002 c. 23 Sch. 16 para. 48(1)(2)
- s. 4(10)(11) inserted by 2016 c. 11 s. 15(4)
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act applied by 2002 c. 23 Sch. 16 para. 48(1)(2)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(10)(11) inserted by 2016 c. 11 s. 15(4)
[F18(1)This paragraph—U.K.
(a)applies if the trustees of a settlement (“the principal settlement”) have made an election under paragraph 1 of Schedule 4ZA the effect of which is that one or more other settlements (“sub-fund settlements”) are treated as created, and
(b)provides for the annual exempt for the trustees of each of the affected settlements to be determined by reference to the assumed annual amount.
(2)For this purposes of this paragraph—
(a)the principal settlement and each of the sub-fund settlements is an “affected settlement”, and
(b)the “assumed annual amount” means the amount which would be the annual exempt for the trustees of the principal settlement on the assumption that no election had been made under paragraph 1 of Schedule 4ZA.
(3)The annual exempt amount for the trustees of each of the affected settlements is the assumed annual amount unless there are two or more qualifying UK settlements in the affected settlements.
(4)In that case, the annual exempt amount for the trustees of each of the affected settlements is the assumed annual amount divided by the number of qualifying UK settlements in the affected settlements.]
Textual Amendments
F1Sch. 1C inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 16
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