SCHEDULES

F1SCHEDULE 5A Settlements with foreign element: information

Annotations:
Amendments (Textual)
F1

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

2

1

This paragraph applies if—

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 F3F5not 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 F4resident F6... .

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.