SCHEDULES
C2C1C3F1SCHEDULE 4CTransfers of value: attribution of gains to beneficiaries
Sch. 4C modified (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 paras. 152-155
Sch. 4C applied (with modifications) by Income and Corporation Taxes Act 1988 (c. 1), s. 762(3) (as substituted (with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 93(3))
Sch. 4C applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 20(3)
F2Attribution of gains: disregard of certain capital payments
Sch. 4C para. 9 and cross-heading substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 141 (with Sch. 7 paras. 149155)
9
1
For the purposes of paragraph 8 (and section 87A as it applies for the purposes of that paragraph), no account is to be taken of a capital payment to which any of sub-paragraphs (2) to (4) applies (or a part of a capital payment to which sub-paragraph (4) applies).
2
This sub-paragraph applies to a capital payment received before the tax year preceding the tax year in which the original transfer is made.
3
This sub-paragraph applies to a capital payment that—
a
is received by a beneficiary of a settlement from the trustees in a tax year during the whole of which the trustees—
i
are resident and ordinarily resident in the United Kingdom, and
ii
are not Treaty non-resident,
b
was made before any transfer of value to which Schedule 4B applies was made, and
c
was not made in anticipation of the making of any such transfer of value or of chargeable gains accruing under that Schedule.
4
This sub-paragraph applies to a capital payment if (and to the extent that) it is received (or treated as received) in a tax year from the trustees by a company that—
a
is not resident in the United Kingdom in that year, and
b
would be a close company if it were resident in the United Kingdom,
(and is not treated under any of subsections (3) to (5) of section 96 as received by another person).
Sch. 4C inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4), Sch. 26 Pt. I