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
Textual Amendments
F2 Sch. 4C paras. 8, 8A-8C, 9 and cross-headings substituted for Sch. 4C paras. 8, 9 (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 4(1) (with s. 163(4)-(6))
8B(1)The following rules apply as regards the attribution of the gains in a settlement’s Schedule 4C pool to beneficiaries of relevant settlements.U.K.
This paragraph has effect subject to paragraph 8C (order of attribution as between gains in Schedule 4C pool and other trust gains).
(2)Gains of earlier years are attributed to beneficiaries before gains of later years.
(3)For the purposes of this Schedule the year of a gain is determined as follows—
(a)a Schedule 4B trust gain is a gain of the year of assessment in which the transfer of value in question takes place;
(b)a section 87/89 gain is a gain of the year of assessment in which it first forms part of a settlement’s trust gains in accordance with section 87(2).
(4)Gains of the same year are matched with available capital payments made at any time by trustees of any relevant settlement.
(5)If gains of one year are wholly matched, gains of the next year are then matched, and so on.
(6)The gains are attributed to beneficiaries in proportion to, but not so as to exceed, the amount of available capital payments received by them.]]