Taxation of Chargeable Gains Act 1992

[F1 Residence of trustees from whom capital payment received U.K.

Textual Amendments

F1 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

10 (1) Subject to sub-paragraph (2) below, it is immaterial for the purposes of paragraph 8 that the trustees [F2 of any relevant settlement] are or have at any time been [F3 resident and ordinarily resident in the United Kingdom]. U.K.

(2) A capital payment received by a beneficiary of a settlement from the trustees in a year of assessment [F4 during the whole of which the trustees are resident and ordinarily resident in the United Kingdom] shall be disregarded for the purposes of paragraph 8 if it was made before, but was not made in anticipation of, chargeable gains accruing under Schedule 4B or of a transfer of value being made to which that Schedule applies.

(3) For the purposes of sub-paragraph (2) the trustees of a settlement shall not be regarded as [F5 resident and ordinarily resident in the United Kingdom] at any time when they fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.]

Textual Amendments

F2 Words in Sch. 4C para. 10(1) substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 6(1) (with s. 163(4)-(6))

F3 Words in Sch. 4C para. 10(1) substituted (with effect in accordance with Sch. 12 para. 34(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(f)

F4 Words in Sch. 4C para. 10(2) substituted (6.4.2007) by Finance Act 2006 (c. 25), Sch. 12 paras. 40, 41

F5 Words in Sch. 4C para. 10(3) substituted (with effect in accordance with Sch. 12 para. 34(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(f)