SCHEDULES
C2C1F1SCHEDULE 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))
Computation of Schedule 4B trust gains
3
1
This paragraph explains what is meant for the purposes of this Schedule by “Schedule 4B trust gains”.
2
The Schedule 4B trust gains are computed in relation to each transfer of value to which that Schedule applies.
3
In relation to a transfer of value the amount of the Schedule 4B trust gains for the purposes of this Schedule is given by—
where—
CA is the chargeable amount computed under paragraph 4 or 5 below,
SG is the amount of any gains attributed to the settlor that fall to be deducted under paragraph 6 below, and
AL is the amount of any allowable losses that may be deducted under paragraph 7 below.
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