[F11(1)This Schedule applies where trustees of a settlement—U.K.
(a)make a transfer of value (see paragraph 2) in a year of assessment in which the settlement is within section F2... 86 or 87 (see paragraph 3), and
(b)in accordance with this Schedule the transfer of value is treated as linked with trustee borrowing (see paragraphs 4 to 9).
(2)Where this Schedule applies the trustees are treated as disposing of and immediately reacquiring the whole or a proportion of each of the chargeable assets that continue to form part of the settled property (see paragraphs 10 to 13).]
Textual Amendments
F1Sch. 4B inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(2), Sch. 25
F2Word in Sch. 4B para. 1(1) omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 8(2)