SCHEDULES

[F1 SCHEDULE 4A U.K.Disposal of interest in settled property: deemed disposal of underlying assets

Textual Amendments

F1 Sch. 4A inserted (with application in accordance with s. 91(3) of the amending Act) by Finance Act 2000 (c. 17), s. 91(2), Sch. 24

Condition as to UK residence of trustees U.K.

5 (1) The condition as to UK residence of the trustees is that the trustees of the settlement were either— U.K.

(a) resident in the United Kingdom during the whole or part of the relevant year of assessment, or

(b) ordinarily resident in the United Kingdom during that year.

(2) For this purpose the trustees shall not be regarded as resident or ordinarily resident in the United Kingdom at any time when they fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.

(3) This paragraph has effect subject to paragraph 13(3)(b) where the beginning of the disposal and its effective completion fall in different years of assessment.]