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)
F2Introduction
Sch. 4C para. 1 and cross-heading substituted for Sch. 4C paras. 1, 2 (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 2 (with s. 163(4)-(6))
1
1
This Schedule applies where the trustees of a settlement (“the transferor settlement”) make a transfer of value to which Schedule 4B applies (“the original transfer”).
F32
The transferor settlement is regarded for the purposes of this Schedule as having a “Schedule 4C pool”.
3
The Schedule 4C pool contains the section 2(2) amounts for the settlement that are outstanding at the end of the tax year in which the original transfer is made (see paragraph 1A).
3A
The section 2(2) amount for that tax year is increased by—
a
the amount of Schedule 4B trust gains accruing by virtue of the original transfer (see paragraphs 3 to 7), and
b
the total amount of any further Schedule 4B trust gains accruing by virtue of any further transfers of value to which that Schedule applies that are made by the trustees in that tax year.
4
Paragraphs 8 to 9 provide for the attribution of gains in a settlement’s Schedule 4C pool.
5
References in this Schedule to a transfer to which Schedule 4B applies include any such transfer, whether or not any chargeable gain or allowable loss accrues under that Schedule by virtue of the transfer.
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