SCHEDULES
SCHEDULE 5 Attribution of gains to settlors with interest in non-resident or dual resident settlement
Exceptions from section 86
5
(1)
This paragraph applies where for the purposes of section 86(1)(d) the settlor has no interest in the settlement at any time in the year except for the reason that there are 2 or more persons, each of whom—
(a)
falls within paragraph 2(3)(b) to F1(db) above, and
(b)
stands to gain for the reason stated in sub-paragraph (2) below.
(2)
The reason is that—
(a)
property is, or will or may become, applicable for his benefit or payable to him,
(b)
income is, or will or may become, applicable for his benefit or payable to him,
(c)
he enjoys a benefit from property or income, or
(d)
2 or all of paragraphs (a) to (c) above apply in his case.
(3)
Where this paragraph applies, section 86 does not apply if each of the persons concerned dies in the year.