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Taxation of Chargeable Gains Act 1992

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Changes over time for: Paragraph 2

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Version Superseded: 19/07/2006

Status:

Point in time view as at 21/08/1998.

Changes to legislation:

Taxation of Chargeable Gains Act 1992, Paragraph 2 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F12(1)This paragraph applies if—U.K.

(a)a settlement was created before [F217th March 1998],

(b)on or after the commencement day a person transfers property to the trustees otherwise than under a transaction entered into at arm’s length and otherwise than in pursuance of a liability incurred by any person before that day,

(c)the trustees are not resident or ordinarily resident in the United Kingdom at the time the property is transferred, and

(d)the transferor knows, or has reason to believe, that the trustees are not so resident or ordinarily resident.

(2)Before the expiry of the period of twelve months beginning with the relevant day, the transferor shall deliver to the Board a return which—

(a)identifies the settlement, and

(b)specifies the property transferred, the day on which the transfer was made, and the consideration (if any) for the transfer.

(3)For the purposes of sub-paragraph (2) above the relevant day is the day on which the transfer is made.]

Textual Amendments

F1Sch. 5A inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 97(3)

F2Words in Sch. 5A para. 2(1)(a) substituted (with effect in accordance with s. 131(4) of, Sch. 22 para. 5(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 5(1)

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