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
Modifications etc. (not altering text)
C1Sch. 4C modified (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 paras. 152-155
C2Sch. 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))
Textual Amendments
F2Sch. 4C para. 12A and cross-heading inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 4(2) (with s. 163(4)-(6))
12A(1)This paragraph applies where by virtue of section 10A an amount of gains would (apart from this Schedule) be treated under section 87 as accruing to a person (“the beneficiary”) in the year of return by virtue of a capital payment made to him in an intervening year.U.K.
(2)Where this paragraph applies, a capital payment equal to so much of that capital payment as exceeds the amount otherwise charged shall be deemed for the purposes of this Schedule to be made to the beneficiary in the year of return.
(3)The “amount otherwise charged” means the total of any chargeable gains attributed to the beneficiary under section [F387(2)] or 89(2) by virtue of the capital payment.
(4)For the purposes of paragraph 13(5)(b) a deemed capital payment under this paragraph shall be treated as made when the actual capital payment mentioned in sub-paragraph (1) above was made.
(5)Expressions used in this paragraph and section 10A have the same meanings in this paragraph as in that section.]]
Textual Amendments
F3Word in Sch. 4C para. 12A(3) substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 144 (with Sch. 7 para. 155)