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)
Interpretation
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1
In this Schedule—
a
“transfer of value” has the same meaning as in Schedule 4B; and
b
references to the time at which a transfer of value was made are to the time which is the material time for the purposes of that Schedule.
2
In this Schedule, in relation to a transfer of value—
a
references to the transferor settlement are to the settlement the trustees of which made the transfer of value; and
b
references to a transferee settlement are to any settlement of which the settled property includes property representing, directly or indirectly, the proceeds of the transfer of value.
3
References in this Schedule to beneficiaries of a settlement include—
a
persons who have ceased to be beneficiaries by the time the chargeable gains accrue, and
b
persons who were beneficiaries of the settlement before it ceased to exist,
but who were beneficiaries of the settlement at a time in a previous year of assessment when a capital payment was made to them.
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