Textual Amendments
F1Sch. 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
Textual Amendments
F2 Sch. 4C paras. 8, 8A-8C, 9 and cross-headings substituted for Sch. 4C paras. 8, 9 (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 4(1) (with s. 163(4)-(6))
8(1)The gains in a settlement’s Schedule 4C pool at the end of any year of assessment are treated as chargeable gains accruing in that year to beneficiaries who receive in that year, or have received in an earlier year, capital payments from the trustees of any settlement that is a relevant settlement in relation to the pool.U.K.
Paragraph 8A defines “relevant settlement” for this purpose.
(2)The attribution of chargeable gains to beneficiaries under this paragraph shall be made in proportion to, but shall not exceed, the amounts of the capital payments made to them.
Paragraphs 8B and 8C provide for the matching of gains with available capital payments.
(3)A chargeable gain shall not be treated as accruing to a beneficiary under this Schedule unless he is chargeable to tax for that year of assessment.
(4)For the purposes of this Schedule a beneficiary is “chargeable to tax” for a year of assessment if, and only if—
(a)he is resident in the United Kingdom for any part of that year or is ordinarily resident in the United Kingdom for that year, and
(b)he is domiciled in the United Kingdom for any part of that year.
(5)Any gains in a settlement’s Schedule 4C pool that are not attributed to beneficiaries in a year of assessment are carried forward to the following year of assessment, when this paragraph applies again.]]