SCHEDULES

C3C2C1F3SCHEDULE 4CTransfers of value: attribution of gains to beneficiaries

Annotations:
Amendments (Textual)
F3

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

Modifications etc. (not altering text)
C3

Sch. 4C modified (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 paras. 152-155

C2

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))

C1

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)

Chargeable amount: non-resident settlement

4

1

If the transfer of value is made in a year of assessment during which the trustees of the transferor settlement are F2at no time resident F5... in the United Kingdom the chargeable amount is computed under this paragraph.

2

Where this paragraph applies the chargeable amount is the amount on which the trustees would have been chargeable to tax under F1section 1(3) by virtue of Schedule 4B if they had been F6resident F8... in the United Kingdom in the year F4(and had made the disposals which Schedule 4B treats them as having made).

F73

Where (apart from this sub-paragraph) the chargeable amount mentioned in sub-paragraph (2) would include a chargeable gain or allowable loss to which section 1A(3)(b) or (c) applies (disposals by non-UK residents within the charge to capital gains tax), so much of the gain or loss as would be so included is to be disregarded for the purposes of determining the chargeable amount.